Bahrain Islamic Bank six-month profit down 5.56 pct

Bahrain’s oldest Islamic bank posted a drop of 5.56 per cent in profit for the first half of the year compared to the same period in 2018.

Bahrain Islamic Bank’s profits reached 3.312 million dinars ($8.8 million) for H1 2019 versus 3.507 million dinars for the same period last year, it reported in a bourse filing on Wednesday.

Total income rose 10.34 per cent to 22.566 million dinars but this was hit by a 13.04 per cent increase in total expenses to 13.341 million dinars.

The largest rise was for staff costs that soared 18.02 per cent to 7.316 million dinars.

Total assets were almost flat at 1.279 billion dinars at the end of June from 1.281 billion dinars at December 31.

The Islamic retail bank is regulated by the Central Bank of Bahrain and is listed on the Bahrain Bourse.

($1 = 0.3760 Bahraini dinars)

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