Ithmaar Bank, a Bahrain-based Islamic retail bank, posted a net profit of $1.77 million for the first half of 2014, as compared to the net loss of $7.52 million reported for the same period last year.

Net loss for the three month period ended June 30 amounted to $0.34 million, as compared to net loss of $8.95 million for the same period last year.

Net loss attributable to equity holders of the bank amounted to $0.11 million for the first half of 2014, as compared to the net loss of $7.64 million reported for the same period last year. Net loss attributable to equity holders of the bank for the three month period ended June 30 was $0.61 million, as compared to a net loss of $9.49 million reported for the same three month period last year.

“On behalf of the Ithmaar Bank Board of Directors, I am pleased to announce that Ithmaar Bank continues to grow its core retail banking operations during the second quarter,” said chairman Prince Amr Al Faisal. “This is illustrated in the financial results that show revenue growth across most income streams,” he said.

“Our improved performance is evident from the growth in operating income, which increased by 17.68 percent to $114.88 million from the $97.61 million reported for the same period last year,” said Prince Amr.  “Total expenses for the first half of 2014, at $100.56 million, are 5.42 percent higher than the same period in 2013, mainly due to the one-off expenses associated with the Voluntary Separation Scheme and the full year impact in 2014 of certain branches opened in 2013 in Pakistan,” he said.

Ithmaar Bank CEO Ahmed Abdul Rahim said the 2014 half-yearly financial results show stable, consistent growth in the bank’s core Islamic retail banking operations and reflect improving efficiencies and increasing profitability. - TradeArabia News Service