Ithmaar Bank, a Bahrain-based Islamic retail bank, reported a net profit attributable to equity holders for the year ended 31 December 2023 of BD3.96 million ($10.51 million), a 27.74 percent increase compared to the net profit of BD3.1 million reported for 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. 

 

Ithmaar Bank said the total net profit for the year 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.

 

Net profit attributable to equity holders for the three-month period ended 31 December 2023 was  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 Prince Amr. “This is also 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.

 

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, a 11 percent increase from BD36.12 million as at 31 December 2022. 

 

Ithmaar Bank is a wholly-owned subsidiary of Ithmaar Holding, which is listed on the Bahrain Bourse and Dubai Financial Market.  

 

Ithmaar Bank provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of institutions, corporates and SMEs. Ithmaar Bank also maintains a presence in overseas markets through its subsidiary, Faysal Bank Limited (Pakistan). –TradeArabia News Service