Bahrain Islamic Bank's (BisB) net profit surged 74% to BHD6.6 million for the first nine months of this year, compared with BHD3.8m net profit in the same period last year.

This was after deducting BD6.1 million net provisions compared with BHD9.2 million for the same period last year.

Net operating profit was BHD12.7 million for the first nine months of this year, compared with BHD12.9 million for the same period last year.

Chairman Abdul Razak Al Qassim said the board is continuing with the implementation of the new strategy with special focus on growth of its core activities, disposal of non-performing investment assets and exploit opportunities for entering new markets with the aim of expanding the bank's activities.

Acting chief executive Ahmed Mohammed Hassan said that Islamic finance witnessed an increase of 15pc for the first nine months compared with December last year.

Sukuk increased by 78% compared with December 2013, current accounts rose 23% compared with the end of last year, in addition to the continued decline in the cost of funds compared with same period of last year.

Operating profits for the third quarter reached BHD4.9 million compared with BHD4.8 million for the same period of last year.

Net provisions was BHD2.3 million in the third quarter compared with net provisions of BHD3.4 million for the same period last year.

Third-quarter net profit was BHD2.5 million, compared with BHD1.4 million for the same period of last year.