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.”

article-image

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. 



article-image

‘Incredibles 2’ makes box office heroic

United States “Incredibles 2,” the long-awaited return of a quirky animated superhero family from Disney-Pixar, reigned supreme at the North American box office, raking in a record $180 million in its debut, industry estimates showed Sunday. It was the highest ever openin

article-image

Homely tastes sold here!

A Bahraini couple has opened a shop in Qalali to help low-income families in the area. Various food items prepared by these families are sold at the shop, which has a growing number of customers.  Speaking to Tribune, shop owner Ibrahim Al Kuwari said, “The idea behind th

article-image

Three minor boys detained for bullying

Three minors were yesterday detained at a correctional facility for juveniles for brutally attacking another child in Hamad Town few weeks ago. As reported by Tribune yesterday, the parents of the three boys were summoned by the Northern Governorate Police Directorate on Sunday. The directorate

article-image

Mosaic to enthrall visitors

A new mosaic has been made near the Al Fateh Highway and the Dolphin Park. It was made by Art Reach in association with Almoayyed Contracting.  Speaking to Tribune, Capital Secretariat Council Vice Chairman Mazen Ahmed Alumran, said, “We have been working for quite long t


article-image

Father’s Day with Pitt

Hollywood star Brad Pitt spent Father’s Day here with his children amid an ongoing custody dispute.   Last week, a judge presiding over Pitt and Angelina Jolie’s divorce proceedings established a schedule for the actor to spend time with Pax, 14, Zahara, 13, Shiloh,

article-image

Hats Race with Horses French Oaks

Champagne corks pop over the pounding of hooves and the “best hat” prize is as fiercely contested as the race itself: welcome to the Prix de Diane, a highlight of the year for France’s horsey set.  Some 40,000 well-dressed spectators flocked to Sunday’s&n

article-image

Mozart manuscript set to notch half-a-million euros

The first draft of music Mozart wrote for the last act of his opera “The Marriage of Figaro” is expected to sell for half-a-million euros ($578,000) when it goes under the hammer in Paris. The “exceptional” manuscript from 1786, which will be auctioned on Wedn

article-image

London’s Gets a Floating Egyptian Tomb

A 20-metre high sculpture of an ancient Egyptian tomb, made from 7,506 red, white and mauve barrels, has taken temporary residence amid the aquatic wildlife on a lake in London’s Hyde Park. Bulgarian-born artist Christo unveiled the floating installation -featuring two vertical side

article-image

Homely tastes sold here!

A Bahraini couple has opened a shop in Qalali to help low-income families in the area. Various food items prepared by these families are sold at the shop, which has a growing number of customers.  Speaking to Tribune, shop owner Ibrahim Al Kuwari said, “The idea behind th

article-image

Three minor boys detained for bullying

Three minors were yesterday detained at a correctional facility for juveniles for brutally attacking another child in Hamad Town few weeks ago. As reported by Tribune yesterday, the parents of the three boys were summoned by the Northern Governorate Police Directorate on Sunday. The directorate

article-image

Beyonce and Jay-Z releases joint album

Music’s most famous couple Beyonce and Jay-Z pulled a surprise by releasing a joint album, a long-rumoured collaboration that celebrates their marital passion and black identity. The pop diva and hip-hop superstar announced the album, “Everything is Love,” from the stage i

article-image

Anne Hathaway’s ‘awful’ character

Actress Anne Hathaway’s “awful” “Ocean’s Eight” character is based on how she imagines she’d be if she took fame too seriously. “She’s called Daphne Kluger, she’s an actress and - well, she’s awful. She’s won two Academ

article-image

Australian artist Parr emerges alive from burial

An Australian performance artist who was buried in a steel container under a busy road for 72 hours as part of a so-called dark arts festival was released from his self-imposed prison yesterday. Mike Parr, a 73-year-old performance artist whose creative endeavors typically explore physical limi

article-image

‘The noise is not so bad’

A homeowner who watches aircraft roar down the runway from his kitchen window has no problem living next to Europe’s busiest airport, saying the noise is not so bad. Harri Patel became Heathrow Airport’s closest neighbour when he and his young family decided to trade in their two be