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Ithmaar Bank, a Bahrain-based Islamic retail bank, reported profits for the year ended December 31, 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.
Ithmaar Bank reported a net profit attributable to equity holders for the year ended December 31, 2024 of BD10.14 million, a 156.3 per cent increase compared to the net profit of BD3.96 million reported for 2023. Total net profit for the year ended December 31, 2024 is BD18.80m compared to the net profit of BD12.22m reported for 2023. This is mainly due to higher core income during the year.
Despite market challenges, the bank reported a higher net profit attributable to equity holders for the three-month period ended December 31, 2024 by BD1.13m at BD1.22m compared to the net profit of BD0.085m reported for the same period in 2023. Total net profit for the three-month period ended December 31, 2024 was BD1.63m compared to the BD2.10m net profit reported for the same period in 2023.
“On behalf of the Ithmaar Bank board of directors, I am pleased to report that the bank continues to report profits for the year as the bank is growing further by focusing on providing its products and services exclusively to meet the financial and investment needs of small and medium enterprises (SMEs) as well as corporates and institutions,” said Prince Amr. “This is also due to the bank’s 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.
Ithmaar Bank chief executive Maysan Al Maskati said the year-end financial results show that the bank’s efforts to continuously grow its core business and enhance its corporate customers’ Islamic banking experience had paid off.
“The results show that the group’s net operating income before impairment allowances increased to BD262.94m for the year ended December 31, 2024, a 21.3pc increase compared to BD216.70m for 2023,” said Al Maskati. “As a testimony to the bank’s growth journey, total owners’ equity increased to BD50.54m as at December 31, 2024, a 26.1pc increase from BD40.08m as at December 31, 2023,” he said.
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