Manama: Ibdar Bank, a Bahrain-based wholesale Islamic investment bank, has reported an increase of 51 per cent in total revenues at $11.1 million for the six months ended June 30, when compared with the same period last year.
A statement by the bank said total profits for the period increased by 79pc to $2.54m after an impairment charge of $2.2m relating to legacy assets.
Excluding these one-off charges, said the bank, it achieved improved profitability of $4.72m when compared with $1.96m in the first half last year.
Ibdar has recognised a net loss of $500,000 for the three months ended June 30, due to impairment allowances charged as compared to net income of $400,000 for same period last year.
Ibdar Bank chief executive Basel Al Hag Issa said 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.
“The sukuk portfolio also continues to achieve strong returns.”
During the period, total asset base grew by 3pc to $438m and total owners’ equity was further strengthened.
“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,” he said.
Mr Al Hag Issa said the bank had a strong pipeline of opportunities that it aims 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, the US and domestic markets.”
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.
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