Bahrain: Ithmaar Bank reports profits for first half
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, 2025 of BD1.47 million compared to BD3.53m reported for the same period in 2024.
Total profit for the three-month period was BD3.33m, compared to BD5.78m for the same period in 2024. The decrease is mainly due to reduced spreads in their overseas business resulting from the decreasing profit rate environment.
The results also show a net profit attributable to equity holders for the six-month period ended June 30, 2025 of BD2.80m, compared to BD7.78m for the same period in 2024.
Total profit for the six-month period was BD7.10m, compared to BD13.52m for the same period in 2024.
'On behalf of Ithmaar Bank board of directors, I am pleased to announce that despite the challenging global economic situation, the Bank continued to report profit for the half-year,' said Prince Amr. 'This is 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's chief executive Maysan Al Maskati said: 'The 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.'
'As a result of the bank's continued efforts, the liquidity position has also improved, as reflected by an increase in its Liquidity Coverage Ratio (LCR) to 112pc as of end-June 2025 from 104pc as of end-2024,' said Mr Al Maskati. 'Furthermore, the deposit mobilisation efforts have yielded positive results as the quasi-equity liabilities has crossed BD1 billion mark, reaching BD1.07bn as of end-June 2025 compared to BD0.96bn at of end-2024,' he said.
Total owners' equity increased to BD53.34m as of end-June 2025, a 5.5pc increase from BD50.54m as of end-2024.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Emirates 24/7
39 minutes ago
- Emirates 24/7
FNC, US Embassy discuss strengthening parliamentary cooperation
- Dr. Ali Rashid Al Nuaimi, Chairman of the Defence, Interior and Foreign Affairs Committee at the Federal National Council (FNC), met with Anne Slack, Political Counsellor at the US Embassy in Abu Dhabi, along with several other embassy officials. The meeting reaffirmed the strength of bilateral relations and the deep-rooted strategic partnership between the UAE and the US, which spans more than five decades. Both sides noted the rapid development of cooperation in various sectors, including economy, investment, energy, defence, and security, in line with the aspirations of the leadership and peoples of both friendly nations, and serving their mutual interests. Discussions also covered the latest political developments in the region and globally, as well as joint efforts by the two countries to advance development, peace, and stability at the regional and international levels. The two sides emphasised the importance of enhancing parliamentary cooperation by activating parliamentary diplomacy to build bridges of understanding and foster diplomatic dialogue between peoples. This, in turn, strengthens effective partnerships with influential regional and international actors, contributing to political efforts aimed at achieving global security and stability. Follow Emirates 24|7 on Google News.
Zawya
an hour ago
- Zawya
Egypt: El Badr Investment incurs 15.4% higher losses in H1 2025
Arab Finance: The net losses of El Badr Investment and Development jumped by 15.47% to EGP 302,655 in the first half (H1) of 2025 from EGP 262,106 a year earlier, the financial results showed. Meanwhile, the loss per share recorded EGP 0.0132 in H1 2025, compared to EGP 0.0114 in H1 2024. In the first quarter (Q1) of 2025, the EGX-listed company reported 9.70% lower net losses after tax at EGP 118,334, compared to a net loss of EGP 131,053 in Q1 2024. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
an hour ago
- Zawya
Iraq can end its dependence on Iranian gas
Iraq does not need to look further than its borders to replace Iranian gas supplies needed to fuel its power facilities as it has sufficient gas under its ground. OPEC's second largest oil producer is already pumping enough gas from its oilfields, but nearly 40 percent of it is being burned given the costly process of separating it from oil. In 2024, Iraq produced nearly 3.1 billion cubic feet of gas, of which almost 1.3 billion was flared and the rest was sent to power facilities and gas-based industrial projects, according to the Energy Ministry. Energy analysts believe that gas production could be sharply increased to meet domestic demand but this requires Iraq to largely increase its oil production. 'Iraq could be self-sufficient in gas if it increases oil production by around one million barrels per day and manages to slash the gas flaring rate,' said Nabil Al-Marsoumi, an energy and economics professor at Basra University in South Iraq. But Marsoumi noted that while it is possible to reduce flaring, Iraq faces curbs on any crude output increase by OPEC and its partners. Iraq currently has a sustainable oil output capacity of just below five million bpd and it aims to boost it to over six million barrels per day (bpd) although its OPEC Plus quota is now 4.2 million bpd. 'Iraq aims to expand sustainable oil capacity in the next few years in the hope its quota will be higher…this of course will allow it to increase associated gas production,' said Abbas Al-Shatri, an energy expert and member of Iraq's economists network. Iraq's Prime Minister Mohammed Al-Sudani said this year progress has been made in reducing gas flaring and that the rate could be cut to zero within three years thanks to projects undertaken by France's TotalEnergies, British Petroleum and Chinese firms. To offset a sharp fall in Iranian gas supplies over the past months, Iraq has looked as far as Turkmenistan but the deal is facing hurdles. They include the difficulty to find a company to guarantee the continued flow of gas to Iraq and the fact that supplies have to pass through Iran, which is under US sanctions. Iraq is also considering importing liquefied natural gas (LNG) from Qatar and Oman but this requires the purchase and installation of floating storage and regasification units (FSRUs) to store LNG and convert it back into a gaseous state. 'This is a thorny issue right now because the infrastructure at Khor Zubair port in South Iraq is not ready yet to receive LNG vessels,' Marsoumi said. 'Iraq has also not constructed a pipeline network to carry gas from the sea to power facilities…installation of FSRUs also requires long technical and contractual time.' Lower Iranian gas supplies and other factors have created a large power supply gap in Iraq although it imports electricity from nearby Turkey, Jordan through interconnections and from the GCC Grid through Kuwait. The planning ministry last year estimated Iraq's power generation capacity at 23-25 gigawatts (GW) but actual needs exceed 35 GW and could climb to 50 GW during summer. (Reporting by Nadim Kawach; Editing by Anoop Menon)
