Ithmaar Holding reports results for third quarter
 
, Posted on 14-Nov-2017


Ithmaar Holding reports results for third quarter

ManamaIthmaar Holding BSC (formerly Ithmaar Bank BSC) (Ithmaar) reported yesterday a net loss of US$16.3 million for the nine-month period ended 30 September 2017, compared to a net profit of US$16.7m for the same period last year.

Net loss attributable to equity holders for the nine-month period ended 30 September 2017 was US$27m, compared to a net profit of US$6.5m reported for the same period last year. This included a net loss of US$14.7m for the three-month period ended 30 September 2017, compared to a net profit of US$4.8m for the same period last year. Net loss attributable to equity holders for the three-month period ended 30 September 2017 was US$17.8m, compared to a net profit of US$2.1m reported for the same period last year.

“Overall income from our core business grew significantly during the year, as evident from the higher share on income from unrestricted investment accounts as a Mudarib, which grew 49.8 percent to US$51.9m for the nine-month period ended 30 September 2017, compared to US$34.7m for the same period last year, as well as the increase in income from murabaha and other financing, which grew by 9.3 percent to US$108.4m for the nine-month period ended 30 September 2017, compared to US$99.2m for the same period last year,” said Ithmaar Chairman Prince Amr Al Faisal.

“During the nine-month period ended 30 September 2017, Ithmaar Group initiated an active programme to locate a buyer for a specific asset within the Group. Accordingly, this asset was consequently presented as an asset classified as held for sale in the consolidated statement of financial position,” said Prince Amr. “At 30 September 2017, this asset was classified as held for sale and the resultant impairment loss was recorded in the consolidated statement of income during the period,” he said.

“Although net income, before provision for impairment and overseas taxation, dropped to US$32.8m for the nine-month period ended 30 September 2017, from US$51.1m for the same period last year, this loss was mainly due to unrealized foreign exchange losses of US$17.2m,” said Prince Amr.

Ithmaar Chief Executive Officer, Ahmed Abdul Rahim, said the results reflect a clear, unwavering focus on growing the core retail banking business. “Customer current accounts increased to US$1.7 billion as at 30 September 2017, a 7.2 percent increase compared to US$1.6 billion as at 31 December 2016, and a 13.8 percent increase compared to US$1.5 billion as at 30 September 2016,” he said.  



Related News

Bahrain Foreign Exchange Rates
Nov 22

Bahrain Foreign Exchange Rates

Currency Name Code Bank Transfer  UAE Dirham AED 9.68523  Australian Dollars AUD 3.38535  Bangladeshi Taka BDT 213.21962  Canadian Dollars CAD 3.30229  Swiss...

Read More
GCC Gold Rates
Nov 22

GCC Gold Rates

Country (22kt/gm) (24kt/gm) United Arab Emirates 145.75 AED 155.00 AED Qatar 148.50 QAR 158.50 QAR Bahrain 14.90 BHD 15.90 BHD Kuwait 12.30 KWD 12.80 KWD Oman 15.70 OMR 16.35 OMR Saudi...

Read More
Island Classic Charity Golf: AMH to celebrate 20th anniversary
Nov 22

Island Classic Charity Golf: AMH to celebrate 20th anniversary

Manama : American Mission Hospital (AMH) will be celebrating the 20 th Anniversary of the Island Classic Charity Golf Tournament. This tournament will be officially opened on November 23, held under the patronage of His Majesty the King Hamad bin Isa Al Khalifa at His Majesty’s golf course in Saffriya. AMH CEO/...

Read More
Indian MMA Community thanks HH Shaikh Khalid
Nov 22

Indian MMA Community thanks HH Shaikh Khalid

Manama : Indian Mixed Martial Arts community hailed the initiatives of His Highness Shaikh Khalid bin Hamad Al Khalifa for the growth of Mixed Martial Arts in India. Aditya PS, President of All India Mixed Martial Arts Federation stated in the latest press conference in Bangalore, India. Initiatives under the...

Read More
Brave 9 gets the largest global coverage
Nov 22

Brave 9 gets the largest global coverage

Manama : Brave 9: The Kingdom of Champions have broken records as the most covered combat sports event in the MENA region by worldwide media. Apart from being covered by media in over fifty five nations, the event was also covered in 18 languages. This includes English, German, French, Arabic, Italian, Dutch,...

Read More
 Feline Lower Urinary Tract Infection (FLUTI)
Nov 22

Feline Lower Urinary Tract Infection (FLUTI)

Feline lower urinary tract disease involves the structures that make up the lower portion of the urinary tract. Urinary bladder and the urethra. FLUTI previously referred as feline urologic syndrome (FUS). The potential causes of this infection are bladder infection, bladder stones, inflammation of the bladder or...

Read More
Innovative SMEs in a Globalized Market: Go Global Strategy
Nov 22

Innovative SMEs in a Globalized Market: Go Global Strategy

I was intrigued by the definition of the key performance indicator (KPI) set by Leipzig University innovation center in Germany. The KPI is to establish 40 SMEs per year.  This explains the high number of SMEs in Germany. Moreover, the department for the promotion of innovation and entrepreneurship at...

Read More
Bahrain to host Hospitality and Restaurant expo
Nov 22

Bahrain to host Hospitality and Restaurant expo

Manama : Bahrain is to host its first International Hospitality & Restaurant Expo which is scheduled to take place from 21st- 24th March 2018 at the Bahrain International Exhibition & Convention Center. The Bahrain Hospitality and Restaurant (BHR) forum and expo; one of the most anticipated...

Read More
‘Old Markets Committee’ discuss plans for Manama Souq
Nov 22

‘Old Markets Committee’ discuss plans for Manama Souq

Manama : The Old Markets Committee held a meeting at Bahrain Chamber of Commerce and Industry (BCCI) to discuss the latest developments in the old Manama souq project. Several topics were discussed on the occasion which included the grants provided and budget for the development of the souq, which will be...

Read More
Coordination meeting held
Nov 22

Coordination meeting held

Manama : A coordination meeting was held yesterday to discuss sustainable economic development projects and Kingdom’s long-term fiscal security. The meeting follows the 2017 Government Forum, during which His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme...

Read More