Ithmaar Holding, a Bahrain-based financial institution, and its wholly-owned subsidiary, Ithmaar Bank, a Bahrain-based Islamic retail bank, have both reported profits as they each announced their financial results for the first quarter of 2019.

The announcement by the Ithmaar Holding chairman Prince Amr Al Faisal, who is also the Ithmaar Bank chairman, follows the review and approval of both boards of directors of the consolidated financial results of the two entities for the three-month period ended March 31.

Ithmaar Holding reported a net profit of $8.62 million for the three-month period ended March 31, an increase of 79 per cent compared to the net profit of $4.81 million reported for the same period in 2018.

The net profit attributable to equity holders for the three-month period ended March 31 was $7.10 million, an increase of 329 per cent compared to the $1.66 million net profit reported for the same period in 2018, a bank statement said.

Earning per share (EPS) increased to US cents 0.24 compared to US cents 0.06 for the three-month period ended March 31, 2018. Total owners’ equity increased to $120.52 million as at March 31, compared to $116.36 million as at December 31, 2018.

Ithmaar Bank reported a net profit of BD2.80 million ($7.37 million) for the three-month period ended March 31, compared to a net profit of BD2.03 million ($5.35 million) for the same period in 2018.

The net profit attributable to equity holders for the three-month period ended March 31 was BD1.67 million ($4.4 million), compared to the BD0.83 million ($2.18 million) net profit reported for the same period in 2018.

“On behalf of the Ithmaar Holding Board of Directors, I am pleased to announce that the Ithmaar Holding’s and Ithmaar Bank's financial results show significant improvements in profit, and reconfirm that our strategic focus on our core retail banking business is paying off,” said Prince Amr.

“Ithmaar Holding’s income before overseas taxation for the three-month period ended March 31 increased to $17.55 million, a 45 per cent increase from the $12.09 million reported for the same period last year. Operating income for the three-month period ended March 31 increased to $76.08 million, a 5.4 per cent increase from the $72.16 million reported for the same period last year,” he said.

Ithmaar Holding’s total assets stood at $8.02 billion as at March 31, compared to $8.49 billion as at December 31, 2018, and $8.29 billion as at March 31, 2018, the statement said.

In March 2019, His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa inaugurated the first biometric payment network in the region by becoming the first to register and use the Ithmaar Bank offering.

This marked an important milestone in Ithmaar Bank’s implementation of a path-breaking initiative that will see it become the first biometric bank in the region. The initiative was first announced in September 2018 when Ithmaar Bank and Eazy Financial Services unveiled plans to launch the region’s first biometric payment network, supported by the Labour Fund “Tamkeen”, to provide a new and more efficient alternative for customers to conduct many of their financial transactions. - TradeArabia News Service