.jpg?20260418')
Ithmaar Bank, a Bahrain-based Islamic retail bank, reported profits for the first half of the year as it announced its financial results for the six-month period ended June 30, 2024.
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 June 30, 2024 of BD3.53 million compared to the net profit of BD3.37m reported for the same period in 2023.
Total profit for the three-month period ended June 30, 2024 was BD5.78m, compared to a net profit of BD5.59m for the same period in 2023, mainly due to increase in core income.
The results also show a net profit attributable to equity holders for the six-month period ended June 30, 2024 of BD7.78m, compared to a net profit of BD1.56m for the same period in 2023.
Total profit for the six-month period ended June 30, 2024 was BD13.52m, compared to a net profit of BD5.36m for the same period in 2023.
“On behalf of Ithmaar Bank board of directors, I am pleased to announce that despite the challenging global economic situation, the bank reported profit for the half-year,” said Prince Amr. “This is due to the bank 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 owners’ equity increased to BD48.17m as at June 30, 2024, a 20.2 per cent increase from BD40.08m as at December 31, 2023.
&uuid=(email))