Ithmaar Bank, a Bahrain-based Islamic retail bank, announced its financial results for the three-month period ended March 31, 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.
Ithmaar Bank’s financial results show a net loss for the three-month period of BD1.80 million compared with net profit of BD0.196m reported for the same period in 2022.
Total net loss for the three-month period ended was BD0.23m compared with net profit of BD1.502m reported for the same period in 2022.
This is mainly due to foreign exchange impact relating to strategic investments.
“On behalf of the Ithmaar Bank board of directors, I would like to announce that despite the challenging global economic situation, the bank continues its efforts to grow its core Islamic banking business, which focuses on corporate banking and on further enhancing the value of its strategic investments,” said Prince Amr.
“The bank will continue to focus on achieving further growth and will continue enhancing its products and services that cater to the banking requirements of the Small and Medium Enterprises (SMEs) and Corporates as well as all other types of businesses and institutions,” he said.
Total assets stood at BD2.08 billion as of March 31, 2023, 10 per cent lower than BD2.31bn as of December 31, 2022.
This is mainly due to foreign exchange impact during the period resulting from the bank’s strategic investment.
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