Ithmaar Bank announces half-year profits

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

Ithmaar Bank B.S.C. (closed), a Bahrain-based Islamic retail bank, reported profits for the first half of the year as it announced its financial results for the six months ended 30 June 2024.

The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the Bank’s consolidated financial results.

The results show a net profit attributable to equity holders of the Bank for the three months ended 30 June 2024 of BD3.53 million compared to the net profit of BD3.37 million reported for the same period in 2023. Total profit for the three months ended 30 June 2024 was BD5.78 million, compared to a net profit of BD5.59 million for the same period in 2023, mainly due to increase in core income.

The results also show a net profit attributable to equity holders for the six months ended 30 June 2024 of BD7.78 million, compared to a net profit of BD1.56 million for the same period in 2023. Total profit for the six months ended 30 June 2024 was BD13.52 million, compared to a net profit of BD5.36 million for the same period in 2023. 

“On behalf of Ithmaar Bank Board of Directors, I am pleased to announce that despite the challenging global economic situation, the Bank reported profit for the half-year,” said HRH Prince Amr.  “This is due to the Bank continuous efforts and focus to achieve further growth in its core Islamic banking business in Bahrain and Pakistan and further enhancing the value of its strategic investments,” he said.

Total owners' equity increased to BD48.17 million as at 30 June 2024, a 20.2 percent increase from BD40.08 million as at 31 December 2023.