Latest news with #BahrainIslamicBank
Zawya
29-05-2025
- Business
- Zawya
Bahrain-listed companies' net profits rise 2.2%
Bahrain - Bahrain-listed companies saw a modest uptick in net profits during the first quarter of 2025, climbing 2.2 per cent year-on-year to $465.3 million. Analysis by Kuwait-based Kamco Invest shows that this slight increase was primarily driven by strong performance in the banking, transportation, and capital goods sectors, which helped offset declines across the majority of the exchange's 14 industry segments. The banking sector emerged as the clear leader, with its net profits surging 16.8pc to $289.4m in Q1-2025. This boost largely stemmed from Bahrain Islamic Bank, which reported a multi-fold increase in net profits to $26.5m. The bank's improved performance was attributed to higher net interest income, despite a dip in non-interest income and increased impairments. Arab Banking Corporation (Bank ABC) posted the highest net profits among Bahraini banks, reaching $76m, a slight rise from the previous year, aided by reduced impairments. National Bank of Bahrain also saw a 2.2pc gain in net profits, hitting $74.6m, propelled by an increase in non-interest income. In contrast, the materials sector experienced a significant setback, with net profits plummeting 25.9pc to $48.1m. Alba, the sector's sole constituent, cited higher production costs as the main culprit, which eroded its EBITDA and ultimately its bottom line. This occurred despite a 20pc rise in LME aluminium prices and a 38pc increase in premiums. The telecom sector also faced headwinds, with total net profits declining 3pc to $51.1m. Batelco (Beyon), the dominant player, reported a 3.8pc drop in net profits to $48m. The company attributed this decline to the implementation of Domestic Minimum Top-Taxes (DMTT), which took effect on January 1, 2025, as well as costs associated with acquisitions completed in 2024. Meanwhile, aggregate net profits for companies listed on GCC exchanges rose 2pc year-on-year in the first quarter of 2025, reaching $58.6 billion, primarily driven by strong performances in the banking, telecom, and real estate sectors. This modest improvement came despite a 5.7pc decline in profits from the energy sector, largely due to a 7.5pc year-on-year drop in net profits from Saudi Aramco. Excluding Aramco's results, total GCC corporate profits would have increased by 10.7pc in Q1 2025. The GCC banking sector was a significant positive contributor, with aggregate earnings surging 10pc year-on-year to $16bn. Banks in Abu Dhabi, Saudi Arabia, and Bahrain all reported double-digit profit growth. While the energy sector as a whole saw a decline, 17 out of 27 listed energy companies reported improved net profits. The GCC telecom sector experienced a robust 45.3pc year-on-year growth in net profits, reaching $3.5bn, with broad-based double-digit gains across most GCC countries. The GCC real estate sector also posted a strong performance, with net profits increasing by 55.5pc year-on-year to $2.9bn. This growth was led by substantial gains in the UAE, where real estate company profits rose 38pc to $2.1bn, and in Saudi Arabia, which saw a multi-fold increase to $472.7m. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Daily Tribune
09-05-2025
- Business
- Daily Tribune
BisB introduces multicurrency card
Bahrain Islamic Bank (BisB) has introduced a new Visa Multi-Currency Prepaid Card, offering a seamless and cost-effective way for customers to spend internationally. The card enables payments in six currencies: Bahraini Dinar, US Dollar, British Pound, Euro, Emirati Dirham, and Saudi Riyal. The new product is aimed at travellers, online shoppers, and professionals who manage financial commitments across borders. Digital Tools Cardholders benefit from transparent conversion rates and real-time spending controls. All activity can be tracked via the BisB Mobile App, which also allows users to top up funds and switch between currencies as needed. Faisal Al Abdulla, Chief Retail Banking Officer at BisB, said the card was designed to meet growing demand for 'frictionless global transactions,' and combines flexibility with user control and security. Secure Spending The card also includes advanced security features, making it suitable for travel and everyday use abroad. The launch marks another step in BisB's shift toward digital-first banking tools that support the evolving lifestyles of its customer base. Applications can be submitted via the BisB Mobile App, by visiting a branch, or by calling 17515151.
Daily Tribune
06-05-2025
- Business
- Daily Tribune
BisB Honors Local Journalists on Bahraini Press Day for Dedication and Professionalism
TDT | Manama In celebration of Bahraini Press Day, which falls on May 7 each year, Bahrain Islamic Bank (BisB), the leading provider of Islamic digital banking services in the Kingdom of Bahrain, recently organized a special event to honor a select group of local journalists. The event took place at the Wyndham Grand Manama Hotel. This celebration was organized by the bank to recognize the efforts of local journalists and their valuable contributions in reporting news, covering events, and raising community awareness on economic, banking, and social issues. As part of the event, BisB honored Mr. P. Unnikrishnan, Managing Director of The Daily Tribune, for the continued support and cooperation extended by the publication. Additionally, a Letter of Appreciation was awarded to Mr. Abhitabh Kumar, Head of Sales and Business Division at The Daily Tribune, in recognition of his collaborative efforts and professional excellence. The event was attended by Ms. Fatema AlAlawi, Chief Executive Officer of BisB, along with several bank employees, as well as editors-in-chief of local newspapers, journalists, photographers, and administrative staff working in the press. Ms. Fatema AlAlawi, Chief Executive Officer of BisB, stated: 'We are proud to honor Bahraini journalism, who have played a prominent role in conveying information with transparency and professionalism, and have supported various national sectors, including the banking sector. This recognition stems from our belief in the importance of journalism as a strategic partner in development, and our commitment at BisB to strengthen communication bridges with the national press.' Ms. AlAlawi added: 'We value the efforts of the local journalism in supporting the local media landscape, emphasizing their important and primary role in highlighting the programs, initiatives, and achievements of community institutions. We commend the unlimited support provided by our wise leadership to the press and the freedom of expression enjoyed by local journalists, which provides them with the appropriate journalistic environment for creativity and covering facts, events, and initiatives in a way that contributes to the development of all sectors in society.' Bahrain Islamic Bank (BisB) is keen on enhancing its relationships with media outlets and continuously supports the vital role played by Bahraini journalism in supporting the development and progress of the Kingdom.
Daily Tribune
05-05-2025
- Business
- Daily Tribune
BisB Promotes 29 Bahrainis to Strengthen National Talent Pool
Bahrain Islamic Bank (BisB) has announced the promotion of 29 Bahraini employees as part of its ongoing efforts to develop and invest in national talent. The promotions include 4 individuals at executive levels and 25 employees at other levels, representing 15% of the bank's total workforce. These promotions reflect BisB's commitment to enhancing the skills and growth of its employees, while fostering a work environment that encourages innovation and development. By promoting talented Bahrainis across various departments, BisB continues to solidify its role as a leader in employing national talent within the private sector. Fatema AlAlawi, CEO of BisB, expressed her congratulations to the promoted employees, stating, "These promotions are a testament to the dedication and hard work of our team members. They play a vital role in the bank's success and growth. This recognition is an encouragement for them to continue their exceptional efforts, prioritize innovation, and maintain excellence in their work." Afnan Saleh, Chief Human Resources Officer at BisB, emphasized the bank's role in nurturing Bahraini talent within the Islamic banking sector, stating, "BisB is committed to offering the resources and incentives necessary for Bahraini professionals to thrive in the financial services industry. We are dedicated to developing the next generation of leaders and contributing to the future success of Bahrain's banking sector." The bank's focus on investing in its national workforce aligns with its strategic vision of developing young Bahraini talent and supporting their career progression within the organization.
Daily Tribune
25-04-2025
- Business
- Daily Tribune
BisB secures strategic agreements with Furniture and Electronics Cos
Bahrain Islamic Bank (BisB), the leading provider of Islamic digital banking services in the Kingdom of Bahrain, has announced the signing of several partnership agreements with a group of furniture and electronics companies. These companies include: Hamza Al Aswad Center, Namos Decor, Almeer Trading Est, Al Atlas Furniture, Elegant Palace, Fulgor Kitchen appliances, Homebase trading center, Alma Kitchens, Bahrain Aluminum Kitchens, Beto Furniture, Choices home furniture, Boutique home furniture, Dome Stone & Design, Pieces Furniture, Magic interior, Kewalram & Sons Haji Gallery, Mobilia Un, AI Salam Group and The Closet. These partnerships aim to meet the needs of Bahraini families benefiting from social housing programs and initiatives across the Kingdom, providing innovative financing solutions for customers interested in obtaining residential mortgage financing through BisB's exclusive offers. The signing ceremonies took place on the sidelines of BisB's participation as a platinum sponsor in the Innovation Summit & Exhibition 2025 for Social Housing. The event, held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, runs from April 23 to 25 under the theme "Towards Innovative and Sustainable Housing Solutions." It is organized by the Ministry of Housing and Urban Planning and Eskan Bank at the Bahrain International Exhibition and Convention Centre. The agreements will cover the provision of innovative financing solutions for a variety of furniture, home essentials, interior designs, electronics, and durable goods. Additionally, BisB will introduce a credit card with exclusive benefits for its customers, including reward points up to 5,000 points, along with other financial advantages and facilities. Mr. Faisal Al Abdullah, Chief Retail Banking Officer at BisB, stated: "We reaffirm our commitment to offering exceptional financing solutions for beneficiaries of housing programs through our constructive partnership with the esteemed government, providing the best housing services with convenient financing that meets citizens' needs, supported by exclusive offers to furnish their dream homes with the best furniture and essential electronics."
