Contact us | +971 4 3635663
Sponsored by   Mudabala
Middle East Business Information
 
 
LoadingLoading ...
Mon, 01 Dec 2008 | 17:12 GMT

Ithmaar Bank announces a 115 per cent surge in operating income

Press Release
 
 

Khalid Abdulla-Janahi.

MANAMA, BAHRAIN - 19 November 2007 - Ithmaar BankIthmaar BankLoading..., 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 BankLoading...'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 BankLoading....

"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 BahrainLoading..., 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 BankLoading... 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 BankLoading...'s subsidiaries and affiliates, which also include Shamil Bank of BahrainShamil Bank of BahrainLoading..., SolidaritySolidarityLoading..., First Leasing BankFirst Leasing BankLoading..., 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 BankLoading..., 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 BankLoading....

"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 BankLoading...:
Ithmaar BankIthmaar BankLoading... 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 BankLoading...'s flagship subsidiaries and affiliates include Shamil Bank of BahrainShamil Bank of BahrainLoading..., SolidaritySolidarityLoading... (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing BankFirst Leasing BankLoading... and Ithmaar Development Company.

For more information on Ithmaar BankIthmaar BankLoading..., 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 from Ithmaar Bank

 
Share this on:        Delicious         Digg         reddit         Facebook         StumbleUpon
 
 
 
 
Community Comments (0) - Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
 
 
 
Loading ...
 
Loading ...
Zawya Comment Policy:
 
  1. Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
    1.1   Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
    1.2   Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
    1.3   Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
    1.4   Be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety.
    1.5   Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
    1.6   Give the impression that they represent Zawya.
    1.7   Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
  2. The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
  3. Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
  4. By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
 
 
 
Community Buzz

Stories

Companies

Most viewed companies by Community in the last 24 hrs
Company Name Country Industry
Nakheel UAE Landlords and Developers
Aabar Investments UAE Investment Companies - Oil and Gas
Abu Dhabi Investment Council UAE Investment Firms and Funds
Saudi Binladin Group Saudi Arabia Construction and Design
Consolidated Contractors Company Overseas Construction and Design
Barwa Real Estate Company Qatar Landlords and Developers
Dubai Islamic Bank UAE Banking
Saudi Telecom Saudi Arabia Telecommunications Services
Jebel Ali Free Zone UAE Properties and Zones
Al Hilal Bank UAE Banking
 

Projects

Most viewed projects by Community in the last 24 hrs
Project Name Country Sector
Dubai RTA - Dubai Metro - Purple Line UAE Infrastructure
Emirates Aluminium (EMAL) - Smelter Complex UAE Industry
IPIC - Abu Dhabi Crude Oil Pipeline (ADCOP) UAE Oil and Gas
Qatar Foundation - Sidra Hospital Qatar Real Estate
Abu Dhabi Municipality - Salam Street and Mina Road Development UAE Infrastructure
KNPC - Al Zour Refinery Kuwait Oil and Gas
Qatalum Aluminum Smelter Qatar Industry
Ras Tanura Integrated Refinery and Petrochemicals Complex Saudi Arabia Oil and Gas
Nakheel - Dubai Waterfront UAE Real Estate
ADCO - SAS Field Development UAE Oil and Gas
 

Blogs

Top Pick