Friday 29 March 2024
 
»
 
»
Story

Ithmaar Bank posts solid Q1 profit

MANAMA, May 9, 2015

Bahrain-based Islamic retail bank Ithmaar has registered a net profit of $7.62 million for the first quarter, up 261 per cent over $2.11 million for the same period last year.

The net profit attributable to equity holders for the first quarter was $2.64 million, a 426 per cent increase over the $0.5 million profit reported for the same period last year.

Announcing the results, chairman Prince Amr Al Faisal, said: Our business continues to grow, and the first quarter financial results reflect the improvement in the bank’s financial performance. The bank’s operating income has significantly increased by almost 46 per cent to $83.34 million for the first quarter of 2015, from $57.13 million for the same period last year.

"This increase is mainly due to overall revenue growth, with net income, before provisions for impairment and overseas taxation, for the period increasing 292 per cent to $34.4 million," he said.

"The total expenses of $48.94 million for the three-month period ended March 31, 2015, are near constant compared to $48.35 million for the same period last year, due to cost control measures which started in 2014 both in Bahrain and in Faysal Bank Limited, Pakistan, despite the continued branch expansion in Pakistan,” noted Prince Amr.

According to him, the balance sheet continues to be stable with the equity of unrestricted investment account holders growing to $2.09 billion as of March 31, 2015, up 4.18 per cent compared to $2 billion as of December 31, 2014.

“This significant increase during the first quarter is further evidence of customers’ continued confidence in Ithmaar,” he added.

CEO Ahmed Abdul Rahim said the bank’s focus on retail business had resulted in improved financial results for the first quarter of 2015.

“Total assets grew to $8.06 billion as at 31 March 2015, an increase of 7.18 per cent compared to  $7.52 billion as at 31 March 2014 and increase of 2.49 per cent compared to  $7.86 billion as at 31 December 2014,” said Abdul Rahim.

“Liquid assets now represent 12.7 per cent of the balance sheet compared to 11.3 per cent as at 31 December 2014,” he noted.

Earlier this year, Ithmaar had introduced a number of financing solutions - including auto, home and personal finance offerings – that were tailored specifically to meet customer demands.-TradeArabia News Service




Tags: Ithmaar Bank | profit |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads