Ithmaar Bank, a Bahrain-based Islamic retail bank, has posted a net loss of BD2.62 million ($6.9 million) attributable to equity holders for the first nine months of the year compared to the net loss of BD4.18 million ($11 million) reported for same period in 2020.

Ithmaar Bank’s financial results show The Bank’s results show a net loss attributable to equity holders for the three-month period ended 30 September 2021 of BD3.16 million compared to a net loss of BD2.15 million for the same period in 2020. The loss is mainly due to the devaluation of the Pakistan Rupee during the period, a bank statement said.

Overall, including profit attributable to minority interests, the Bank’s results show a net profit for the nine-month period ended 30 September 2021 of BD1.34 million, a 288.5 percent increase compared to the net loss of BD0.71 million reported for the same period in 2020. The net loss for the three-month period ended 30 September 2021 was BD2.07 million, compared to a net loss of BD0.92 million reported for the same period in 2020.

“On behalf of the Ithmaar Bank Board of Directors, I am pleased to report that the Bank continues to grow its core retail banking business with continuous, sustained improvements in both the Bank’s offerings and in the market’s response,” said Ithmaar Bank Chairman Prince Amr Al Faisal. “This is testimony to the success of the Bank’s long-term commitment to focusing on customer-centric growth.”
 
“As a result of this focus, income from the Bank’s core business continues to grow with the Group’s share of income from unrestricted investment accounts, for example, increasing more than 28% to BD35.47 million for the nine-month period ended 30 September 2021, up from BD27.66 million in the same period last year. The Bank’s financial results, however, were impacted by fluctuations in foreign exchange rates,” he added.

Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, said that, despite challenging market conditions, the Bank continues to report growth in its core retail banking business.

“Income from unrestricted investment accounts increased to BD80.55 million for the nine-month period ended 30 September 2021, an 18.3 percent increase compared to the BD68.11 million reported for the same period last year,” said Abdul Rahim. “As a result, net income before overseas taxation increased to BD10.90 million, a 48.9 percent increase compared to the BD7.32 million reported for the same period last year,” he said.

Ithmaar Bank’s total assets grew to BD3.32 billion as at 30 September 2021, a 7.3 percent increase compared to BD3.09 billion as at 31 December 2020.Total owners’ equity stood at BD44.25 million as at 30 September 2021, an11.2 percent decrease compared to BD49.83 million as at 31 December 2020.

“Ithmaar Bank continues to focus on its customers, and on further developing its products, services and delivery channels,” said Abdul Rahim. “This has driven consistent, sustained growth in the Bank’s core retail banking business.” – TradeArabia News Service