MANAMA, BAHRAIN – 13 August 2023 – Ithmaar Bank B.S.C. (closed), a Bahrain-based Islamic bank, reported profits for the first half of the year as it announced its financial results for the six-month period ended 30 June 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.
The results show a net profit attributable to equity holders of the Bank for the three-month period ended 30 June 2023 of BD3.37 million compared to the net profit of BD1.30 million reported for the same period in 2022, mainly due to increase in core income, partly offset by foreign exchange impact during the period resulting from the Bank’s strategic investment. Total profit for the three-month period ended 30 June 2023 was BD5.59 million, compared to a net profit of BD2.02 million for the same period in 2022, mainly due to increase in core income.
The results also show a net profit attributable to equity holders for the six-month period ended 30 June 2023 of BD1.56 million, compared to a net profit of BD1.49 million for the same period in 2022. Total profit for the six-month period ended 30 June 2023 was BD5.36 million, compared to a net profit of BD3.52 million for the same period in 2022.
“On behalf of Ithmaar Bank Board of Directors, I am pleased to announce that despite the challenging global economic situation, the Bank reported profit for the half-year,” said HRH Prince Amr. “This is 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.
Total assets stood at BD2.20 billion as at 30 June 2023, 4.6 percent lower than BD2.31 billion as at 31 December 2022. This is mainly due to foreign exchange impact during the period resulting from the Bank’s strategic investment.
Total owners’ equity increased to BD37.68 million as at 30 June 2023, a 4.3 percent increase from BD36.12 million as at 31 December 2022 mainly due to profits for the period.