CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 March 2025 | ||
31 March 2025 | 31 December 2024 | |
BD'000 (reviewed) | BD'000 (audited) | |
ASSETS | ||
Cash and balances with banks and Central Bank | 73,136 | 65,084 |
Placements with financial institutions | 219,357 | 156,586 |
Financing contracts | 1,001,750 | 1,000,663 |
Investment securities | 255,342 | 272,126 |
Investment in associates | 11,476 | 11,441 |
Investment in real estate | 9,583 | 14,583 |
Property and equipment | 14,831 | 14,793 |
Other assets | 19,850 | 6,658 |
TOTAL ASSETS | 1,605,325 | 1,541,934 |
LIABILITIES, QUASI-EQUITY AND OWNERS' EQUITY | ||
Liabilities | ||
Placements from financial institutions | 112,000 | 77,377 |
Placements from non-financial institutions and individuals | 322,340 | 470,891 |
Financing from financial institutions | 181,987 | 175,197 |
Customers' current accounts | 241,978 | 216,442 |
Other liabilities | 48,345 | 38,221 |
Total Liabilities | 906,650 | 978,128 |
Quasi-equity | ||
Financial institutions | 39,769 | 64,892 |
Non-financial institutions and individuals | 501,934 | 351,494 |
Total Quasi-equity | 541,703 | 416,386 |
Owners' Equity | ||
Share capital | 106,406 | 106,406 |
Treasury shares | (892) | (892) |
Shares under employee share incentive scheme | (34) | (101) |
Share premium | 206 | 206 |
Reserves | 26,286 | 16,801 |
Equity attributable to Bank's shareholders | 131,972 | 122,420 |
Subordinated Mudaraba (AT1) | 25,000 | 25,000 |
Total Owners' Equity | 156,972 | 147,420 |
TOTAL LIABILITIES, QUASI-EQUITY AND OWNERS' EQUITY | 1,605,325 | 1,541,934 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN OWNERS' EQUITY For the three months ended 31 March 2025 | ||
31 March 2025 | 31 March 2024 | |
BD'000 (reviewed) | BD'000 (reviewed) | |
Balance at 1 January | 147,420 | 144,632 |
Profit for the period | 10,002 | 1,031 |
Other comprehensive income | (111) | 1 |
Total comprehensive income for the period | 9,891 | 1,032 |
Zakah approved | (356) | (289) |
Donations approved | (50) | (250) |
Shares allocated to staff during the period | 67 | 148 |
Balance as at 31 March | 156,972 | 145,273 |
CONDENSED CONSOLIDATED STATEMENT OF INCOME For the three months ended 31 March 2025 | ||
31 March 2025 | 31 March 2024 | |
BD'000 (reviewed) | BD'000 (reviewed) | |
INCOME | ||
Income from financing contracts | 13,283 | 12,385 |
Income from placements with financial institutions | 1,924 | 945 |
Income from investment in Sukuk | 3,532 | 3,837 |
Expense on placements from financial institutions | (1,141) | (1,755) |
Expense on placements from non-financial institutions and individuals | (5,449) | (4,754) |
Expense on financing from financial institutions | (2,179) | (2,249) |
Net finance income | 9,970 | 8,409 |
Fee and commission income, net | 1,740 | 1,969 |
Income from investment in real estate, net | 9,554 | 71 |
Share of results of associates, net | 35 | 7 |
Other income, net | 753 | 185 |
Total income | 22,052 | 10,641 |
EXPENSES | ||
Staff costs | 4,292 | 3,543 |
Depreciation and amortization | 403 | 463 |
Other expenses | 2,838 | 3,518 |
Total expenses | 7,533 | 7,524 |
Profit before impairment allowances and attribution to quasi-equity | 14,519 | 3,117 |
Impairment allowance, net | (2,688) | (1,337) |
Profit before attribution to quasi-equity | 11,831 | 1,780 |
Profit attributable to quasi-equity | (1,829) | (749) |
PROFIT FOR THE PERIOD | 10,002 | 1,031 |
BASIC AND DILUTED EARNINGS PER SHARE (fils) | 9.48 | 0.98 |
Licensed as an Islamic Retail Bank by the Central Bank of Bahrain BisB.com | 17 51 51 51
The condensed consolidated interim financial information was approved by the Board of Directors on 6 May 2025 and has been reviewed by KPMG.
Zaid Khalid Abdulrahman
Chairman
Usman Ahmed
Vice Chairman
Fatema AlAlawi
Chief Executive Officer
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the three months ended 31 March 2025 | ||
31 March 2025 | 31 March 2024 | |
BD'000 (reviewed) | BD'000 (reviewed) | |
OPERATING ACTIVITIES | ||
Profit for the period | 10,002 | 1,031 |
Adjustments for non-cash items: | ||
Depreciation | 317 | 364 |
Impairment allowance, net | 2,688 | 1,337 |
Amortization of right-of-use asset | 86 | 99 |
Gain on sale of investment in Sukuk | (4) | (3) |
Gain on sale of investment in real estate | (9,523) | - |
Share of results of associates, net | (35) | (7) |
Operating profit before changes in operating assets and liabilities | 3,531 | 2,821 |
Working capital adjustments: | ||
Mandatory reserve with Central Bank of Bahrain | 175 | (2,825) |
Financing contracts | (4,680) | (11,883) |
Other assets | (1,426) | (530) |
Customers' current accounts | 25,536 | 6,900 |
Other liabilities | 9,883 | 19,736 |
Placements from financial institutions | 32,753 | 18,656 |
Placements from non-financial institutions and individuals | (148,551) | 45,486 |
Quasi-equity | 125,317 | (1,095) |
Net cash from operating activities | 42,538 | 77,266 |
INVESTING ACTIVITIES | ||
Purchase of property and equipment | (355) | (320) |
Purchase of investment securities | (20,929) | (45,572) |
Disposal of investment securities | 41,169 | 52,283 |
Net cash from investing activities | 19,885 | 6,391 |
FINANCING ACTIVITIES | ||
Financing from financial institutions received / (paid) | 6,790 | (79,444) |
Ijarah liability paid | (84) | (88) |
Net cash from / (used in) financing activities | 6,706 | (79,532) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 69,129 | 4,125 |
Cash and cash equivalents at 1 January | 175,629 | 74,399 |
CASH AND CASH EQUIVALENTS AT 31 MARCH | 244,758 | 78,524 |
Cash and cash equivalents comprise: | ||
Cash on hand | 9,881 | 9,150 |
Balances with CBB, excluding mandatory reserve deposits | 578 | 59 |
Balances with banks and other financial institutions excluding restricted balances | 14,942 | 6,157 |
Placements with financial institutions with original maturities less than 90 days | 219,357 | 63,158 |
244,758 | 78,524 | |