Ithmaar Bank reports profits for third quarter

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Ithmaar Bank yesterday reported profits for the ninemonth period ended 30 September 2023. 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.

Q3 results

Net profit attributable to equity holders of the Bank for the three-month period ended 30 September 2023 was BD2.30 million compared to the net profit of BD9.90m reported for the same period in 2022.

Decrease is mainly due to income from discontinued operations being part of previous period’s results.

Total profit was BD4.8m, compared to a net profit of BD11.69m for the same period in 2022.

Nine-month results

Net profit attributable to equity holders for the nine-month was BD3.9m, compared to a net profit of BD11.39m for the same period in 2022.

Decrease is mainly due to income from discontinued operations being part of previous period’s results.

Total profit was BD10.12m, compared to a net profit of BD15.21m for the same period in 2022.

Total income increased by 19% to BD200.18m, compared to BD167.72m for the same period in 2022, mainly due to increase in the Bank’s core income, partly offset by adverse foreign exchange impact during the period resulting from the Bank’s strategic investment.

“On behalf of Ithmaar Bank Board of Directors, I am pleased to announce that the Bank continues to report profits for the year as the Bank is growing further by focusing on providing its products and services exclusively to meet the financial and investment needs of small and medium enterprises (SMEs) as well as corporates and institutions,” said HRH Prince Amr. 

“This is also 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 Prince Amr Al Faisal strategic investments,” he said.