Ithmaar Bank profits jump on higher core income

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Ithmaar Bank, a Bahrain-based Islamic retail bank, reported quarterly and full year 2023 profits that surged, helped mainly by higher core income.

The results were announced by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal.

Net profit attributable to equity holders for the year ended 31 December 2023 was BD3.96m, a 27.74% increase compared to the net profit of BD3.10m reported for 2022.

Total net profit was BD12.22m compared to the net profit of BD8.34m reported for 2022.

This is mainly due to higher core income during the year.

Quarterly results

Net profit attributable to equity holders for the three-month period ended 31 December 2023 was BD0.85m compared to the net loss of BD8.29m reported for the same period in 2022.

Total net profit was BD2.10m compared to the BD6.86m net loss reported for the same period in 2022.

“On behalf of the Ithmaar Bank Board of Directors, I am pleased to report 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 strategic investments,” he said.

The results show that the group’s share of income from unrestricted investment accounts as a Mudarib increased to BD107.70m for the year ended 31 December 2023, a 29.65% increase compared to BD83.07m for 2022.

Total owners’ equity increased to BD40.08m as at 31 December 2023, a 11% increase from BD36.12m as at 31 December 2022.