12/08/2016 10:24 AST
Ithmaar Bank, a Bahrain-based Islamic retail bank, reported a net profit of $11.96 million for the first half of 2016, an 8.3 percent decrease compared to the $13.04 million net profit reported for the same period last year.
Net profit attributable to equity holders of the Bank for the first half of 2016 was $4.40 million, a 22.2 percent decrease compared to the $5.66 million net profit reported for the same period last year. Net profit for the three month period ended 30 June 2016 amounted to $7.14 million, a 31.7 percent increase from the net profit of $5.42 million reported for the same period last year. Net profit attributable to equity holders of the Bank for the three month period ended 30 June 2016 was $3.19 million, an increase of 5.7 percent compared to the $3.02 million net profit reported for the same period last year.
The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval, by the Board of Directors, of the Bank’s consolidated financial results for the six-month period ended 30 June 2016.
“On behalf of the Board of Directors, I am pleased to announce that Ithmaar Bank has reported profits, and that the Bank’s core retail business continues to perform well,” said HRH Prince Amr. “The financial results of the first half of 2016 indicate that the Bank’s operating income remains stable, at $132.66 million, and that total expenses, at $95.99 million, remain unchanged despite continued expansion of the Bank’s retail network,” he said.
Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, said the Bank continues to work towards becoming one of the region’s premier Islamic retail banks, and remains focused on growing closer to its customers.
“I am pleased to report that the balance sheet continues to be stable, and that our core business as well as our customer accounts continue to grow,” said Abdul Rahim. “This is evident from the equity of unrestricted investment account holders growing to $2.36 billion as at 30 June 2016, an 8.2 percent increase compared to $2.18 billion as at 30 June 2015, and a 7.2 percent increase compared to $2.20 billion at 31 December 2015,” he said.
“This increase, a testimony to continued customer confidence, is further evidence that the Bank’s efforts to grow continuously closer to its customers is paying off,” said Abdul Rahim. “Current accounts and due to investors, for example, grew to $3.58 billion as at 30 June 2016, a 1.8 percent increase compared to $3.51 billion as at 30 June 2015, and a 5.6 percent increase compared to $3.39 billion as at 31 December 2015. Liquid assets now represent 10.5 percent of total assets compared to 10.6 percent as at 31 December 2015,” he said.
CPI Financial
Please wait...
