MANAMA, BAHRAIN – 14 February 2024 – Ithmaar Bank B.S.C. (Closed), a Bahrain-based Islamic retail bank, reported profits for the year ended 31 December 2023.
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 reported a net profit attributable to equity holders for the year ended 31 December 2023 of BD3.96 million, a 27.74 percent increase compared to the net profit of BD3.10 million reported for 2022. Total net profit for the year ended 31 December 2023 is BD12.22 million compared to the net profit of BD8.34 million reported for 2022. This is mainly due to higher core income during the year.
The Bank reported a net profit attributable to equity holders for the three-month period ended 31 December 2023 of BD0.85 million compared to the net loss of BD8.29 million reported for the same period in 2022. Total net profit for the three-month period ended 31 December 2023 was BD2.10 million compared to the BD6.86 million 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 BD107.70 million for the year ended 31 December 2023, a 29.65 percent increase compared to BD83.07 million for 2022.
Total owners’ equity increased to BD40.08 million as at 31 December 2023, an 11 percent increase from BD36.12 million as at 31 December 2022.