Ithmaar Holding posts $10.82 m net profit in H1

Manama : Ithmaar Holding, a Bahrain-based financial institution, has reported a net profit of $10.82 million for the six-month period ended 30 June 2018, as compared to a net loss of $1.59 million for the same period in 2017. Net profit attributable to equity holders for the six-month period ended 30 June 2018 was $4.85 million, as compared to the $9.25 million net loss reported for the same period in 2017. Earnings per share (EPS) for the six month period increased to US Cents 0.17 compared to negative US Cents 0.32 for the same period in 2017. 

The half-year results included a net profit of $6.01 million for the three-month period ended 30 June 2018, as compared to a net loss of $7.38 million for the same period in 2017. Net profit attributable to equity holders for the three-month period ended 30 June 2018 was $3.20 million, as compared to the $9.82 million net loss reported for the same period in 2017. EPS for the three-month period increased to USD Cents 0.11 compared to negative US Cents 0.34 for the same period in 2017.“On behalf of the Ithmaar Holding Board of Directors, I am pleased to announce that the 2018 half-year results show a turnaround in our financial performance,” said Prince Amr Al Faisal.

 “Total income for the six-month period ended 30 June 2018 increased to $225.43 million, a 8.3 percent increase from the $208.07 million reported for the same period last year. This was mainly due to higher share of profit after tax from associates,” he said. “As a result, our operating income for the six-month period ended 30 June 2018 increased to $148.68 million, a 16.9 percent increase from the $127.21 million reported for the same period last year,” said Prince Amr. Ithmaar Holding Chief Executive Officer, Ahmed Abdul Rahim, who is also the Ithmaar Bank Chief Executive Officer, said the half-year result of both institutions reflect the strength of the Group’s core retail banking business.