Ithmaar Bank announces continued profits for 2017

ManamaIthmaar Bank, a Bahrain-based Islamic retail bank and a wholly owned subsidiary of Ithmaar Holding, reported yesterday a net profit of BD5.8 million for the first three quarters of 2017. The net profit attributable to equity holders of the Bank for the nine-month period ended 30 September 2017 was BD1.7m.

In the three-month period ended 30 September 2017, the bank reported a net profit of BD1.4m, with the net profit attributable to equity holders for the period being BD0.2m. 

Announcing the results, Prince Amr Al Faisal, Ithmaar Bank Chairman, said, “These are the bank’s first third-quarter results since the successful completion in January this year of a planned reorganisation and the formal commencement of the new group structure and hence there are no comparatives and alternatively the first quarter numbers are used as these are the first reported numbers post reorganisation.”

Prince Amr, in his comments, further said that the “bank’s third-quarter financial results show that the bank is reporting continued profits and stable income for the year.”

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In the first three quarters of 2017, the total income of the bank was BD112.7m, including BD36.3m for the three-month period ended 30 September 2017.  

“The bank recorded a total income for the first three quarters of the year a net income, before provisions for impairment and overseas taxation, of BD15.3m, including BD2.6m for the three-month period ended 30 September 2017,” Prince Amr added. 

Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim attributed the bank’s continued profitability in a large part to the “unwavering focus on enhancing products and services while striving to grow closer to customers.” 

“The bank’s total assets grew by 4.4pc over the past six months and stand at BD3.2 billion as at 30 September 2017, up from BD3.1bn as at 31 March 2017,” he said. 

Murabaha and other financing grew by 2.1pc during the same period to stand at BD1.80bn as at 30 September 2017, up from BD1.77bn as at 31 March 2017. 

Sukuk and other investment securities comprising mainly government securities grew by 2.2pc during the same period to stand at BD686m as at 30 September 2017, up from BD671m as at 31 March 2017. 

Equity of unrestricted investment accountholders grew by 6.5pc during the same period to stand at BD1.1bn as at 30 September 2017, up from BD1bn as at 31 March 2017. 

Customer current accounts grew by 6.6pc during the same period to stand at BD643m as at 30 September 2017, up from BD603m as at 31 March 2017. 



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