MANAMA, BAHRAIN – 12 August 2021 – Ithmaar Bank B.S.C. (closed), a Bahrain-based Islamic retail bank, announced its financial results for the six-month period ended 30 June 2021, reported continued customer growth and said it is further developing its customer offerings.
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 for the six month period ended 30 June 2021.
The results show a net profit attributable to equity holders of the Bank for the three-month period ended 30 June 2021 of BD0.38 million, compared to the net profit of BD4.68 million reported for the same period in 2020. They also show a net profit attributable to equity holders for the six-month period ended 30 June 2021 of BD0.53 million, compared to a net loss of BD2.03 million for the same period in 2020.
“On behalf of the Ithmaar Bank Board of Directors, I am pleased to report that the Bank is reporting profits for the year while continuing its consistent, customer-focused growth,” said HRH Prince Amr. “This success is driven, to a large degree, by the Bank’s unwavering commitment to becoming one of the region’s leading retail banks,” he said.
“The results show that the share of income from unrestricted investment accounts as a Mudarib for the six-month period ended 30 June 2021 increased to BD22.40 million, a 18.4 percent increase compared to the BD18.91 million reported for the same period last year,” said HRH Prince Amr. “Net income before overseas taxation for the six-month period ended 30 June 2021 increased to BD9.88 million, a 68.7 percent increase compared to the BD5.86 million reported for the same period last year,” he said.
Ithmaar Bank Chief Executive Officer said the Bank’s latest financial results indicate that it is on the right track, and that efforts to develop it into one the region’s leading retail banks are paying off “We continue to focus on building Ithmaar Bank into one of the region’s leading retail banks,” said Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim. “This commitment requires an unwavering focus on constantly developing our core retail banking business and on investing time, money and effort on continuously enhancing our customers’ banking experience,” he said.
“Customer deposits continue to grow despite the ongoing global pandemic and the turbulent market conditions - a strong and enduring testimony to confidence in the Ithmaar Bank brand,” said Abdul Rahim. “Customers’ current accounts increased to BD754.26 million as at 30 June 2021, a 14.0 percent increase compared to BD661.74 million as at 31 December 2020,” he said.
“Ithmaar Bank’s total assets also increased to BD3.38 billion as at 30 June 2021, a 9.2 percent increase compared to BD3.10 billion as at 31 December 2020,” said Abdul Rahim. “Total owners’ equity
increased to BD54.04 million as at 30 June 2021, a 8.4 percent increase compared to BD49.83 million as at 31 December 2020,” he said.
“This success is driven by our customer focus,” said Abdul Rahim. “We will continue to listen closely to them and work to continuously enhance their banking experience,” he said.
In May, Ithmaar Bank launched special financing offers for villas at the Danaat Al Baraka development located in Jannusan, Budaiya. The offer, which were designed exclusively for beneficiaries of the Mazaya programme, the Kingdom of Bahrain’s social housing scheme that aims to help eligible nationals buy their first homes, were launched in line with the Bank’s long standing commitment to playing a real and meaningful role in the community.
In July, Ithmaar Bank, which owns and operates the largest Islamic retail banking network in the Kingdom, announced that it has commissioned two new branches. The new branches, one in Seef Mall and the other in Arad, feature sophisticated, cutting-edge technology, including next-generation Automated Teller Machines (ATMs) and other exciting new branch automation and customer service solutions. The two new branches are being commissioned as part of the Bank’s ongoing commitment to customer-centric growth and to meeting and exceeding customer expectations.
Most recently, Ithmaar Bank received the Best Bank Loyalty Programme Award from Mastercard. The prestigious annual award was presented to Ithmaar Bank in recognition of its successful, customer focused credit card rewards programme, Ithmaar Rewards.