Bahrain Islamic Bank (BisB) managed a powerful turnaround in the first half of the year posting a net profit of BD3.2 million ($8.5 million) against a loss of BD5.7 million in the first half of 2011.

The bank registered a net profit of BD1.7 million for the three months from April to June compared to a net loss of BD6.9 million for the same period of last year.

"The positive results have been realised at the same time as concluding the offering of the share rights issue in which the capital of the bank has been increased to a stronger level," said chairman Khalid Abdulla Al Bassam.

"In addition, the bank has seen improvements in its finance and investment portfolios," he added.

"These good results were achieved as a result of the efforts exerted by the bank to improve and develop its finance and investment portfolios so as to attain better results for its shareholders and depositors and to continue performing as a leading bank providing excellent services to all its customers through its branch network which is all over Bahrain," said chief executive officer Mohammed Ebrahim Mohammed.

He said the bank has recently signed an agreement to build five financial malls in Muharraq, Isa Town, Riffa, Hamad Town and Budaiya.

"It is targeted that these malls be completed before the end of next year. These will contribute to a great extent in providing a higher level of financial and banking services to our customers with a nicer and more comfortable business environment," he added. – TradeArabia News Service