Ithmaar Bank announces a 115 per cent surge in operating income |
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MANAMA, BAHRAIN - 19 November 2007 - Ithmaar BankIthmaar Bank
, a globally focused investment bank based in Bahrain, today announced that its operating income for the first nine months of 2007 more than doubled to US$174.4 million. The 115 per cent surge compares to an income of US$81.1 million for the same period last year. The Bank achieved a net profit of US$77.9 million for the first nine-months of 2007. The comparative result for 2006 was a net profit of US$163.7 million, which included a gain of US$105.5 million on the sale of a subsidiary, Islamic Investment Company of the Gulf (Bahamas) Limited. Excluding this gain, the Bank's nine-month net profit actually increased by 34 per cent in 2007, when compared to the same period last year. "These results are a reflection of the growth in both Ithmaar BankIthmaar Bank's direct business activities and the consolidated earnings of the Ithmaar banking group, which includes some of the most successful brands in the Islamic financial services industry. The group continues to widen its geographical presence, with business now spanning the Middle East, North Africa and South Asia (MENASA), as well as Europe, Africa, Australia and the US," said Khalid Abdulla-Janahi, Chairman, Ithmaar BankIthmaar Bank.
"We expect several important announcements in the months ahead, including some by our development arm Ithmaar Development Company (IDC) as it begins implementing its US$2.9 billion project portfolio," he continued.
The Bank recently announced plans to complete its acquisition of Shamil Bank of BahrainShamil Bank of Bahrain, a leading Islamic commercial and investment bank, of which it currently owns 60 per cent. The move is another step towards consolidating the group and further strengthening its position as one of the most dynamic and diversified of its kind in the region.
Ithmaar BankIthmaar Bank made substantial progress in 2007 in all its direct lines of business, which include underwriting (equity and other financings), private equity (structuring, participation and portfolio management), Islamic financing, private banking, and advisory services covering project financing, investments, capital markets and mergers & acquisitions. Ithmaar BankIthmaar Bank's subsidiaries and affiliates, which also include Shamil Bank of BahrainShamil Bank of Bahrain, SolidaritySolidarity, First Leasing BankFirst Leasing Bank, Faysal Bank Limited (Pakistan), Faisal Private Bank (Switzerland), also made important inroads.
"We've been able to build a solid team of investment bankers and joint venture partners at Ithmaar BankIthmaar Bank, with broad-ranging experience in private equity, Islamic finance and mergers & acquisitions, including knowledge of specific market sectors such as transportation, infrastructure, agribusiness and financial institutions, among others," said Michael P. Lee, Chief Executive Officer and Member of the Board, Ithmaar BankIthmaar Bank.
"We expect to make several more important appointments as we continue entering new sectors. We are also seeking out new joint ventures and strategic alliances in key markets around the world. All of this will ultimately allow us to offer a more diversified and sophisticated array of products and services to our clients, which include supranationals, governments, corporations, pension funds and other institutional investors, as well as high net worth individuals," he added.
-Ends-
About Ithmaar BankIthmaar Bank:
Ithmaar BankIthmaar Bank B.S.C. is licensed by the Central Bank of Bahrain and listed on the Bahrain Stock Exchange ("ITHMR"). It has a total equity of US$1.1 billion and is a full investment bank with its direct business covering the Middle East and North Africa (MENA) region, as well as South Asia, Asia-Pacific and Europe. Besides holding significant investments in the banking, financial services and real estate sectors in different markets, the main activities of the Bank include underwriting (equity and other financings), private equity (structuring, participation and portfolio management), Islamic financing, private banking, and advisory services covering project financing, investments, capital markets and mergers & acquisitions.
Ithmaar BankIthmaar Bank's flagship subsidiaries and affiliates include Shamil Bank of BahrainShamil Bank of Bahrain, SolidaritySolidarity (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing BankFirst Leasing Bank and Ithmaar Development Company.
For more information on Ithmaar BankIthmaar Bank, please visit the Bank's website at www.ithmaarbank.com
For further information, please contact
Tariq Khonji,
Assistant Director,
PR and Corporate Communications on 00973-39901721.
© Press Release 2007
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