Ithmaar Bank profits soar 156% to $26.92m
Total net profit for 2024 is BD18.80 million compared to the net profit of BD12.22 million reported for 2023. This is mainly due to higher core income during the year.
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.
Despite market challenges, the bank reported a higher net profit attributable to equity holders for the three-month period ended December 31, 2024 by BD1.13 million at BD1.22 million compared to the net profit of BD0.085 million reported for the same period in 2023. Total net profit for the three-month period ended December 31, 2024 was BD1.63 million compared to BD2.10 million 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 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 Officer 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 BD262.94 million for the year ended 31 December 2024, a 21.3 percent increase compared to BD216.70 for 2023,' said Al Maskati. 'As a testimony to the Bank's growth journey, total owners' equity increased to BD50.54 million as at 31 December 2024, a 26.1 percent increase from BD40.08 million as at 31 December 2023,' he said. - TradeArabia News Service
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