Ithmaar Bank, a Bahrain-based Islamic retail bank and a wholly-owned subsidiary of Ithmaar Holding, reported today a net profit of BD6.24 million ($16.55 million) for the period ended December 31, 2017. 

 

The net profit attributable to equity holders of the bank for the period ended December 31, 2017 was BD1.58 million.

 

The announcement, by Ithmaar Bank Chairman Prince Amr Al Faisal, follows the review and approval, by the Board of Directors of the bank’s consolidated financial results for 2017. These are the bank’s first period-end financial results since the successful completion of a planned reorganisation and the formal commencement of the new group structure in January 2017 and cover the period from date of incorporation of May 12, 2016 to December 31, 2017.

 

As part of the reorganisation of erstwhile Ithmaar Bank (now Ithmaar Holding), the identified assets and liabilities were transferred to the bank on January 2, 2017.

 

“On behalf of the Ithmaar Bank Board of Directors, I am pleased to announce that the bank reported profits throughout 2017, its first period as part of the new group structure,” said Prince Amr. “In the three-month period ended December 31, 2017, Ithmaar Bank reported a net profit of BD0.45 million, with the net loss attributable to equity holders of the bank for the period being BD0.15 million,” he said.

 

“Ithmaar Bank’s 2017 financial results show continued profits and stable income for the period,” said Prince Amr. 

 

During the period, the bank recorded an operating income of BD89.2 million, including BD23.3 million for the three-month period ended December 31, 2017.  The bank recorded a total income before provisions for impairment and overseas taxation for the period ended December 31, 2017 of BD19.0 million, including BD3.7 million for the three-month period ended December 31, 2017, he said. 

 

Ithmaar Bank Chief Executive Officer Ahmed Abdul Rahim said the bank’s continued profitability is testimony to its growing success as an Islamic retail bank.

 

The results show that the bank’s total assets grew by 4.4 percent over the past nine months to stand at BD3.24 billion as at December 31, 2017, up from BD3.11 billion as at March 31, 2017 (the first reviewed financials released for Ithmaar Bank after the reorganisation), he said.  - TradeArabia News Service