Ithmaar reports continued growth
Ithmaar Bank, a Bahrain-based Islamic retail bank, announced yesterday a total net profit of US$11.4 million for the nine-month period ended September 30, 2015, compared to a total net profit of US$4.8m in the same period last year.
Net profit attributable to equity holders of the bank for the nine-month period ended September 30, 2015 amounted to US$2.1m, compared to a net profit of US$1.1m reported for the same period last year.
The financial results for the period include a loss of US$1.6m for the three-month period ended September 30, 2015, compared to a profit of US$3.1m reported for the same period last year. Loss attributable to equity holders of the bank for the three-month period amounted to US$3.6m, compared to a net profit of US$1.3m reported for the same period last year.
Commenting on the results, Ithmaar Bank Chairman Prince Amr Al Faisal, said, “The bank’s operating income continues to increase, growing 19.7 per cent during the nine-month period ended September 30, 2015 to a total of US$211.3m, compared to US$176.6m during the same period last year. This increase is due to the bank’s overall revenue growth which resulted in net income, before provisions for impairment and overseas taxation, for the period increasing 136pc to US$70.7m from US$29.9m.”
“Total expenses for the year are 4.1pc lower, at US$140.6m, than the total expenses reported for the same period in 2014 despite business growth during the year,” said Prince Amr. “This is a result of cost control measures which started in 2014,” he said.
“I am also pleased to report that the balance sheet continues to grow,” said Prince Amr.
“Total assets increased to US$8.29 billion as at September 30, 2015, a 12.6pc increase from US$7.36bn as at September 30, 2014, and a 5.4pc increase from US$7.86bn as at December 31, 2014,” he said.
Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, said the bank’s 2015 financial results show stable, continued growth in income which reflects the bank’s ongoing success.
Photo Caption:
CEO Ahmed Abdul Rahim and Chairman Prince Amr Al Faisal
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