Ithmaar Bank, a Bahrain-based Islamic bank, reported a net profit attributable to equity holders of BD3.37 million ($8.93 million) for the three-month period ended on June 30, 2023, compared to the net profit of BD1.30 million reported for the same period in 2022.

 

The announcement, by Ithmaar Bank Chairman Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the bank’s consolidated financial results.

 

The improved results are mainly due to increase in core income, partly offset by foreign exchange impact during the period resulting from the bank’s strategic investment, said a statement.

 

Total profit for the three-month period ended June 30, 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. 

 

First half results

The results also show a net profit attributable to equity holders for the six-month period ended June 30, 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 June 30, 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 Prince Amr.  “This is due to the bank’s 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 June 30, 2023, 4.6 percent lower than BD2.31 billion as at December 31, 2022. This is mainly due to foreign exchange impact during the period resulting from the bank’s strategic investment, the statement said.

 

Total owners’ equity increased to BD37.68 million as at June 30, 2023, a 4.3 percent increase from BD36.12 million as at December 31, 2022 mainly due to profits for the period, it said. – TradeArabia News Service