Ithmaar Bank, a Bahrain-based Islamic bank, reported profits for the nine-month period ended September 30, 2023.

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.

The results show a net profit attributable to equity holders of the Bank for the three-month period ended September 30, 2023 of BD2.30 million compared to the net profit of BD9.90m reported for the same period in 2022. Decrease is mainly due to income from discontinued operations being part of previous period’s results. Total profit for the three-month period ended September 30, 2023 was BD4.8m, compared to a net profit of BD11.69m for the same period in 2022.

The results also show a net profit attributable to equity holders for the nine-month period ended September 30, 2023 of BD3.9m, compared to a net profit of BD11.39m for the same period in 2022. Decrease is mainly due to income from discontinued operations being part of previous period’s results. Total profit for the nine-month period ended 30 September 2023 was BD10.12 million, compared to a net profit of BD15.21 million for the same period in 2022.

Total income for the nine-month period ended September 30, 2023 increased by 19 per cent to BD200.18m, compared to BD167.72m for the same period in 2022, mainly due to increase in the bank’s core income, partly offset by adverse foreign exchange impact during the period resulting from the bank’s strategic investment.

“On behalf of Ithmaar Bank board of directors, I am pleased to announce 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.

Total assets stood at BD2.13 billion as at September 30, 2023, 7.8pc lower than BD2.31bn as at December 31, 2022. This is mainly due to foreign exchange impact during the period resulting from the bank’s strategic investment.

Total owners’ equity increased to BD40m as at September 30, 2023, a 10.7pc increase from BD36.12m as at December 31, 2022 mainly due to profits for the period.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).