Ithmaar Bank, a Bahrain-based Islamic retail bank, announced today increased profits for the nine-month period ending September 30 this year as the bank continues its focus on customer-centric growth.
The announcement, by Ithmaar Bank chairman Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the bank’s consolidated financial results for the nine-month period ended September 30.
Ithmaar Bank’s financial results show a net profit attributable to equity holders for the nine-month period of BD2.67 million, an increase of 70.6 percent compared to the net profit of BD1.56 million reported for the same period in 2018.
Total net profit for the nine-month period ended September 2019 was BD5.28 million, an increase of 10.9 percent compared to a net profit of BD4.76 million for the same period in 2018.
“On behalf of the Ithmaar Bank Board of Directors, I am pleased to report that the bank continues to consistently report increased profits,” said Prince Amr. “This is testimony to the fact that the bank’s efforts to grow closer to customers and enhance their banking experience are clearly paying off,” he said.
The results also show a significant increase in profits for the three-month period ended September 30, 2019. The net profit was BD1.19 million, an increase of 2.8 percent compared to a net profit of BD1.15 million for the same period in 2018. The net profit attributable to equity holders for the three-month period was BD0.56 million, a 196 percent increase compared to the net profit of BD0.19 million reported for the same period in 2018, he said.
Total income for the nine-month period ended September 30, 2019 was BD122.59 million, a 9.6 percent increase compared to the BD111.82 million reported for the same period in 2018. The total income for the third quarter was BD43.41 million, a 14.8 percent increase, said Prince Amr.
Ithmaar Bank chief executive officer Ahmed Abdul Rahim said the growing profits are a reflection on the Bank’s commitment to focusing on continuously enhancing its customers’ banking experience.
“Ithmaar Bank’s balance sheet has marginally reduced, with total assets at BD2.93 billion as at September 30, 2019, a 6.2 percent decrease compared to BD3.13 billion as at December 31, 2018,” said Abdul Rahim. “Total owners’ equity stood at BD80.37 million, a 5.9 percent decrease compared to BD85.39 million as at December 31, 2018, resulting mainly from the devaluation of Pakistan Rupee,” he said.
“Despite challenging market conditions, the Bank increased its equity of unrestricted investment accountholders to BD1,042.69 million as at September 30, 2019, a 4.8 percent increase compared to BD994.78 million as at December 30, 2018,” said Abdul Rahim. “This improved liquidity reflects the confidence of our loyal customers, the Bank’s prudent financial policies and its ability to adapt to market conditions,” he said.
“Ithmaar Bank is committed to becoming one of the region’s premier retail banks,” said Abdul Rahim. “It is a commitment we take very seriously, and our results show that, despite challenging market condition, we are on the right path and our efforts to continuously enhance our customers’ banking experience are paying off,” he said. - TradeArabia News Service