Ithmaar Bank, a Bahrain-based Islamic retail bank, has reported net profit attributable to equity holders for the year ended December 31, 2022 of BD3.10 million, a 706 per cent increase compared to the net loss of BD0.51m reported for 2021.

Total net profit for 2022 is BD8.34m compared to the net profit of BD5.16m reported for 2021. This is mainly due to higher core income during the year.

The announcement, by Ithmaar Bank chairman Prince Amr Al Faisal, follows the bank’s consolidated financial results receiving the approval of the board of directors.

The bank reported profits for 2022, despite the financial results showing a net loss attributable to equity holders for the three-month period ended December 31, 2022 of BD8.29m compared to net profit of BD2.11m reported for the same period in 2021.

Total net loss for the three-month period ended December 31, 2022 was BD6.86m compared to the BD3.82m net profit reported for the same period in 2021.

This is mainly due to prudent impairment provisions as well as higher taxation charges from the group’s subsidiary in Pakistan.

“On behalf of the board of directors, I am pleased to report that the bank continues to report profits for the year as it has started the next phase of growth as an exclusively corporate-focused Islamic bank,” said Prince Amr.

“This new phase marks an important milestone in the group’s transformation, and adds to our decades-long history as key pioneers in the region’s Islamic banking and finance industry,” he added.

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