Bahrain-based Ibdar Bank said that its financial results for the first quarter of the year was marked by strong performance and profitability.

For the quarter, the wholesale Islamic investment bank reported a net profit of $3 million compared with $1 million in the first quarter of 2014, an increase of 200 per cent, said a report in the Gulf Daily News (GDN), our sister publication.

Total income for the period also rose significantly by 65.8 per cent to $6.3 million versus $3.8 million in the prior-year period.

Strong profits can be attributed to an increase of 1,778 per cent in the bank's income generated from investment banking services over the prior year as well as from income generated by gains made in the trading of investments and securities and profitable exits from existing investments.

Also during the period, total owners' equity increased by 1.4 per cent and the total asset base grew by 3.3 per cent, reaching $441 million at the end of the first quarter.

"We entered the year in a strong position and have continued to build on that momentum - effectively executing our strategy and continuing to create opportunities that are sound, profitable and can deliver recurring steams of income, chief executive Basel Al Hag-Issa said.

"Notably, during the quarter, we completed our second financing deal in the African aviation sector with the acquisition and leasing of a Bombardier Q400 Next Gen aircraft to RwandAir.

"This follows our groundbreaking transaction in late 2014 with Ethiopian Airlines, which marked the first ever Islamic financing deal in African aviation and for which we have already distributed our first dividend to investors in the transaction," he added.

"While identifying new investments, we have also maintained a strong focus on maximising our existing assets as well as making progress on achieving profitable exists," he said.

"During the period, we concluded the sale and exit from the last remaining villas in our Saar Central project - a $30 million, 82-villa development.

"Going forward, we have a strong pipeline of opportunities that we are pursuing and will continue to leverage our expertise and ability to structure unique products to create value for the bank and our shareholders and investors.

"This includes the acquisition of three additional aircraft leased to a GCC aviation company, a fast moving consumer goods company in Morocco, and a contracting company in Saudi Arabia.

"We are pleased with the progress made in the past quarter and look forward to delivering even stronger results in the coming periods," he added. - TradeArabia News Service