03 June 2015
-- Continues to close new innovative transactions; concludes profitable exits during the quarter --

Manama - Ibdar Bank ("Ibdar"), the Bahrain based wholesale Islamic investment bank, today announced its financial results for the first quarter of the year ended March 31, 2015 marked by strong performance and profitability.

For the quarter, the Bank reported a net profit of USD3 million compared with USD1 million in the first quarter of 2014, an increase of 200%. Total income for the period also rose significantly by 65.8% to USD6.3 million versus USD3.8 million in the prior-year period. Strong profits can be attributed to an increase of 1778% in the Bank's income generated from investment banking services over the prior year as well as from income generated by gains made in the trading of investments and securities and profitable exits from existing investments. Also during the period, total owners' equity increased by 1.4% and the total asset base grew by 3.3% reaching USD441 million at the end of the first quarter.

Highlighting the positive performance for the period, Mr. Basel Al-Hag-Issa said, "We're delighted to announce our results for the first quarter of 2015. We entered the year in a strong position and have continued to build on that momentum -- effectively executing our strategy and continuing to create opportunities that are sound, profitable and can deliver recurring steams of income. Notably, during the quarter, we completed our second financing deal in the African aviation sector with the acquisition and leasing of a Bombardier Q400 Next Gen aircraft to RwandAir. This follows our ground breaking transaction in late 2014 with Ethiopian Airlines, which marked the first ever Islamic financing deal in African aviation and for which we have already distributed our first dividend to investors in the transaction."

Mr. Al-Hag-Issa continued, "While identifying new investments, we have also maintained a strong focus on maximising our existing assets as well as making progress on achieving profitable exists. During the period, we concluded the sale and exit from the last remaining villas in our Saar Central project - a USD30 million, 82 villa development. Going forward, we have a strong pipeline of opportunities that we are pursuing and will continue to leverage our expertise and ability to structure unique products to create value for the Bank and our shareholders and investors. This includes the acquisition of three additional aircrafts leased to a GCC aviation company, a fast moving consumer goods company in Morocco, and a contracting company in Saudi Arabia. We are pleased with the progress made in the past quarter and look forward to delivering even stronger results in the coming periods."

Ibdar is active in financing, private equity in the GCC and MENA markets as well as real estate investments in the region and globally. The Bank has extensive experience in sectors including infrastructure, oil & gas, maritime and retail, among others.

-Ends-

About Ibdar Bank
Ibdar Bank ("Ibdar") is wholesale Islamic investment bank incorporated in the Kingdom of Bahrain, where it operates under a wholesale Islamic banking license and is regulated by the Central Bank of Bahrain.

The Bank has USD300 million in paid up capital, an asset base in excess of USD440 million - as at end of March 2015 - and significant funds for deployment. Ibdar is engaged in private equity, capital markets and real estate, activities through which it aims to generate diversified and recurring income streams for the Bank, its shareholders and co-investors.

Geographically, the Bank's focus is on the GCC and MENA region including Turkey. It also transacts in Southeast Asia and select developed markets on an opportunistic basis. Ibdar has a significant expertise in areas such as Aviation, Infrastructure, Maritime, Oil & Gas, and Real estate, among others.

The Bank was created from the first three-way merger in the Islamic banking industry between Capital Management House (CMH), CAPIVEST and Elaf Bank in 2012 and was then re-launched as Ibdar Bank in November 2013.

For further information, please visit: www.ibdarbank.com

Media Contacts
Ibdar Bank 
Najla Abdulaziz
nabdulaziz@ibdarbank.com  
+973 17 510090

FinMark Communication, GCC 
Zahraa Taher   
Ztaher@finmarkcoms.com  
+973 17 749 759
+973 39630997

FinMark Communications UK  
Laila Danesh   
Ldanesh@finmarkcoms.com 
+44 770 333 0024

© Press Release 2015