Manama, 9 August 2015: Ibdar Bank ("Ibdar"), the Bahrain based wholesale Islamic investment bank, today announced its financial results for the first half of the year ending 31 December, 2015 marked by improved performance and strong profitability.

For the six months ended 30 June 2015, the Bank reported total revenues of US$ 11.1 million, an increase of 51% above the prior-year period in 2014. Total profits for the period, also increased by 79% to US$2.54 million after considering an impairment charge of US$2.2 million relating to legacy assets. Excluding these one-off charges, the Bank achieved significantly improved profitability of US$ 4.72 million compared to US$ 1.96 million in the first half of 2014. Ibdar has recognized a net loss of US$0.5 million for the three months period ended 30 June 2015, due to impairment allowances charged as compared to a net income of US$0.4 million for same period in 2014.

Strong revenues are attributed to increased income generated from investment banking services over the prior period supported by gains from trading of investments and securities and profitable exits from existing investments. Our sukuk portfolio continues to achieve strong returns. During the period, total asset base grew by 3% reaching US$438 million and the total owners' equity was further strengthened. 

Highlighting the improved performance for the period, Mr. Basel Al-Hag-Issa, CEO of Ibdar Bank, said,"Our results demonstrate a sound business strategy that focuses on diversification across asset classes, restructuring and exiting legacy assets, and the continuous development of the Bank's human capital.  We strive to establish a business model that can achieve stronger performance and thus enhance returns to our shareholders and clients." 

"During the first half of the year, we concluded several investments that we believe will enable us to strengthen returns and will position Ibdar as a major player in the Islamic investment industry.  We continue to capitalize on our expertise in the aviation sector and have purchased and leased one Bombardier Q400 aircraft to RwandAir, as well as another purchase and lease back of three Bombardier Q400 aircrafts to Falcon Aviation Services of Abudhabi during this period.  In addition, we have concluded a partnership to purchase a significant minority stake in a leading power contractor in Saudi Arabia.

Mr. Al-Hag-Issa concluded, "In addition to these, we have a strong pipeline of opportunities that we aim to conclude by year end.  The real estate sector remains a focus for us with a particular emphasis on income generating assets in the UK, US and domestic markets.

We are very pleased with the performance and progress achieved to date and expect the trend to continue as we further leverage our ability to structure unique opportunities and create value for our clients and shareholders."

Ibdar is active in financing and 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, aviation 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 USD438 million - as at end of June 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