Ithmaar Bank reports first quarter profits
Ithmaar Bank, a Bahrain-based Islamic retail bank, reported profits for the first quarter of the year as it announced its financial results for the three-month period ended 31 March 2025.
The announcement, by Ithmaar Bank Chairman HRH Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the Bank's consolidated financial results.
Ithmaar Bank's financial results show a net profit attributable to equity holders for the three-month period ended 31 March 2025 of BD1.34 million compared to the net profit of BD4.25 m reported for the same period in 2024. Total net profit for the three-month period ended 31 March 2025 was BD3.77 m compared to BD7.74 m net profit reported for the same period in 2024. The decrease is mainly due to reduced spreads resulting from the decreasing profit rate environment.'On behalf of the Ithmaar Bank Board of Directors, I am pleased to report that the Bank continues to report profits despite the challenging market environment 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 HRH 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 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 testimony to the Bank's growth journey, total equity attributable to shareholders of the Bank increased to BD51.87 million as at 31 March 2025, a 2.6 percent increase from BD50.54 million as at 31 December 2024, which demonstrates that the Bank is on the right trajectory,' he said.
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