Ithmaar Bank reports Q1 2023 results

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

Ithmaar Bank a Bahrain-based Islamic retail bank, yesterday reported a first quarter net loss attributable to equity holders of BD1.80 million compared to net profit of BD0.196 m in the year-ago quarter.

Total net loss was BD0.23 m compared to the BD1.502 m net profit reported for the same period in 2022.

This is mainly due to foreign exchange impact relating to strategic investments 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.

“On behalf of the Ithmaar Bank Board of Directors, I would like to announce that despite the challenging global economic situation, the Bank continues its efforts to grow its core Islamic banking business, which focuses on Corporate Banking and on further enhancing the value of its strategic investments,” said Prince Amr.

Total assets stood at BD2.08 billion as at 31 March 2023, 10% lower than BD2.31 bn as at 31 December 2022.

This is mainly due to foreign exchange impact during the period resulting from the Bank’s strategic investment.