Manama: Bahrain's Shamil Bank posted a net income of $28.39 million in the first quarter, a 151 per cent increase over the same period last year.
The increase was attributed to substantial growth in earnings from investments. Earnings per share increased to 12.4 cents from 4.9 cents and return on equity increased to 8.15 per cent from 3.47 per cent
Shamil is a Islamic commercial and investment bank that has grown steadily since 1982.
It had shareholding equity of $353 million as of the end of 2006.
Mohammad Hussain, chief executive of Shamil, attributed the company's success to the bank's wide range of services and the rapidly growing economy in Bahrain.
"The fast growing retail banking franchise is now helping Shamil Bank take its services to a larger number of customers in Bahrain's rapidly growing economy while the Investment and Private Banking divisions are busy furthering the asset management and private wealth management activities," Hussain said.
Shamil Bank is a subsidiary of Ithmaar Bank BSC, a full service investment bank with a paid-up capital of $360 million.
Ithmaar Bank has a 60 per cent shareholding in Shamil Bank.