Ithmaar Bank announces first quarter 2024 profits

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

Ithmaar Bank, a Bahrain-based Islamic retail bank, reported profits for the first quarter of the year as it announced its financial results for the three-month period ended 31 March 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.

Ithmaar Bank’s financial results show a net profit attributable to equity holders for the three-month period ended 31 March 2024 of BD4.25 million compared to the net loss of BD1.80 m reported for the same period in 2023.

Total net profit was BD7.74 m compared to BD0.23 m net loss reported for the same period in 2023. This is mainly due to higher core income.

“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 HRH Prince Amr. Total owners’ equity increased to BD44.32 m as at 31 March 2024, a 10.6 percent increase from BD40.08 m as at 31 December 2023.

Earlier, Ithmaar Holding, Ithmaar Bank’s parent company, and GFH Financial Group announced that they are in discussions for GFH to acquire Ithmaar’s financing and investment portfolios. The discussions are subject to due diligence as well as shareholders and regulatory approvals. Accordingly, the balances relating to the transaction have been classified as “held-forsale” in the Q1 2024 results.