Ithmaar Bank, a Bahrain-based Islamic retail bank, yesterday reported profits for the year ended December 31, 2023.

The announcement, by Ithmaar Bank chairman Prince Amr Al Faisal, follows the review and approval by 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, 2023 of BD3.96 million, a 27.74 per cent increase compared to net profit of BD3.10m reported for 2022.

Total net profit for the year ended December 31, 2023 is BD12.22m compared to net profit of BD8.34m reported for 2022. This is mainly due to higher core income during the year.

The bank reported a net profit attributable to equity holders for the three-month period ended December 31, 2023 of BD0.85m compared to net loss of BD8.29m reported for the same period in 2022.

Total net profit for the three-month period ended December 31, 2023 was BD2.10m compared to BD6.86m net loss reported for the same period in 2022.

“On behalf of the Ithmaar Bank board of directors, I am pleased to report that the bank continues to report profits for the year and 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 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.

The results show that the group’s share of income from unrestricted investment accounts as a Mudarib increased to BD107.70m for the year ended December 31, 2023, a 29.65 per cent increase compared to BD83.07m for 2022.

Total owners’ equity increased to BD40.08m as of December 31, 2023, an 11pc increase from BD36.12m as of December 31, 2022.

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