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Bahrain-Ithmar Bank's subsidiary records higher profits
(MENAFN) Ithmaar Bank, a Bahrain-based Islamic bank proclaimed that its retail banking subsidiary in Pakistan, Faysal Bank Limited, has improved profitability for Q1 of this year.
Meanwhile, FBL has upgraded its core banking system and enhanced processes and increased its reach to preferred business sectors and customers amid an improved product menu.
Accordingly, FBL recorded a healthy profit, after tax, of USD17.8bn amid the cited period of the year, compared to USD12.9mn amid the same period of 2016.
In addition, the bank has also made sizable recoveries from delinquent clients and administrative cost has been kept under strict control.
Meanwhile, FBL has upgraded its core banking system and enhanced processes and increased its reach to preferred business sectors and customers amid an improved product menu.
Accordingly, FBL recorded a healthy profit, after tax, of USD17.8bn amid the cited period of the year, compared to USD12.9mn amid the same period of 2016.
In addition, the bank has also made sizable recoveries from delinquent clients and administrative cost has been kept under strict control.
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