MANAMA: Ithmaar Holding, a Bahrain-based holding company, and its wholly-owned subsidiary, Ithmaar Bank, a Bahrain-based Islamic retail bank, have both reported increased profits for the first half of 2019.
Ithmaar Holding reported a net profit of $13.03 million for the six-months to end-June 2019, a 20.4pc increase compared with $10.82m reported for the same period in 2018.
Net profit attributable to equity holders was $8.37m, a 72.5pc increase compared with the net profit of $4.85m reported for the same period in 2018.
Total income was $246.66m, a 7.5pc increase compared with $229.34m reported for the same period in 2018.
Operating income was $143.98m, a 3.2pc decrease compared with $148.68m reported for the same period in 2018.
Earnings per share (EPS) increased to 0.29 cents compared with 0.17 cents for the same period in 2018.
The half-year results included a net profit of $4.41m for the three-months ended June 2019, as compared with $6.01m for the same period in 2018.
Net profit attributable to equity holders for the three-month period was $1.26m, a 60.6pc decrease as compared with the net profit of $3.20m reported for the same period in 2018.
EPS for the three-month period decreased to 0.04 cents compared with 0.11 cents for the same period in 2018.
Total income for the three-month period was $120.69m, a 4.8pc increase compared with $115.19m reported for the same period in 2018.
Operating income for the three-month period was $67.90m, an 11.3pc decrease compared with $76.53m reported for the same period in 2018.
“On behalf of the Ithmaar Holding board of directors, I am pleased to announce that the 2019 half-year results show continued profits, with significant increases compared to the profits reported in the same period last year,” said chairman Prince Amr Al Faisal.
Prince Amr
“The company’s improved financial results reconfirms that effort to turn the group around are clearly paying off,” he said.
Ithmaar Holding chief executive Ahmed Abdul Rahim, who is also the Ithmaar Bank chief executive, said the half-year results were very encouraging, with both the company and the bank reporting increased profits.
“Ithmaar Bank’s financial results show a net profit of BD4.10m for the six-month period ended-June 2019, an increase of 13.4pc compared with BD3.61m for the same period in 2018,” said Mr Abdul Rahim.
“Net profit attributable to equity holders was BD2.11m, an increase of 53.4pc compared with BD1.37m net profit reported for the same period in 2018. Total income for the six-month period was BD79.19m, a 7pc increase compared with BD74.01m reported for the same period in 2018. Operating income for the six-month period ended June 2019 was BD40.36m, a 4.4pc decrease compared with BD42.20m reported for the same period in 2018,” he said.
“The half-year results of Ithmaar Bank included a net profit of BD1.29m for the three-month period, a decrease of 18.4pc compared with BD1.58m for the same period in 2018,” said Mr Abdul Rahim.
“Net profit attributable to equity holders for the three-month period ended June was BD0.45m, a 17.7pc decrease compared with BD0.54m profit reported for the same period in 2018,” he said.
“Total income for the three-month period ended June 2019 was BD38.59m, a 3.5pc increase compared with total income of BD37.27m reported for the same period in 2018. Operating income for the three-month period ended June 2019 was BD18.94m, a 12.5pc decrease compared with operating income of BD21.63m reported for the same period in 2018,” he said.
Mr Abdul Rahim
“Ithmaar Bank’s balance sheet has reduced by 9.4pc with total assets at BD2.83bn as of June 2019, compared with BD3.13bn as end-December 2018,” said Mr Abdul Rahim.
“Total owners’ equity stood at BD76.20m as at 30 June 2019, compared with BD85.39m as at 31 December 2018, resulting mainly from the devaluation of Pakistani rupee,” he said.
“Despite challenging market conditions, the bank increased its liquid assets by 21.6pc to BD368.69m as of end-June 2019, compared with BD303.19m as at end-December 2018,” said Mr Abdul Rahim. “This improved liquidity reflects the bank’s prudent financial policies and its ability to adapt to market conditions,” he said.
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