Ithmaar Bank reports first quarter profits
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Biz Bahrain
21 hours ago
- Biz Bahrain
CBB Sukuk Al Salam Securities oversubscribed by 135%
The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been oversubscribed by 135%. Subscriptions worth BD 67.603 million were received for the BD 50 million issue, which carries a maturity of 91 days. The expected return on the issue, which begins on August 13 and matures on November 12, is 5.39% compared to 5.42 of the previous issue on July 9. The Sukuk Al-Salam are issued by the CBB on behalf of the Government of the Kingdom of Bahrain. This is issue No.292 (BH000772X055) of the short-term Sukuk Al-Salam series.
Daily Tribune
3 days ago
- Daily Tribune
MyHassad BD500,000 Winner is celebrated at Kuwait Finance House Headquarters
Kuwait Finance House B.S.C. (c) has announced the handover of the BD (500,000) MyHassad Grand Prize to the lucky winner, Mr. Ganesh Ravi Pillai. The prize handover ceremony took place at the Bank's Headquarters in Seef District, in a special occasion that brought together the winner and a number of the bank's employees. Mr. Pillai expressed his joy and gratitude, saying, 'I am truly honored and delighted to win the MyHassad Grand Prize. My journey with the Bank has always been rewarding and I look forward to continuing my banking journey with KFH and exploring further opportunities.' Meanwhile, Mr. Mohamed Zakout, Deputy Group Chief Executive Officer - Retail Banking at KFH, stated, 'This handover marks the conclusion of our MyHassad scheme for the first half of the year. Work is now in progress to unveil what Kuwait Finance House B.S.C. (c) has in store for our valued customers under the KFH banner, reflecting our commitment to continuously enhance our customer experience and enhancing the level of services provided to meet their aspirations, strengthening its position as a leading financial institution.' The MyHassad Savings Account continues to be one of the most rewarding savings schemes in the Kingdom, having awarded more than (19,000) prizes to its customers to date. Customers can easily open an account with just a few clicks through the KFH Mobile Application or by visiting there nearest KFH branch distributed across a network of (19) branches, enabling them to start their journey toward saving and winning
Biz Bahrain
3 days ago
- Biz Bahrain
Arab Bank named "Middle East Winner" at The Banker's Technology Awards 2025
The Banker magazine, owned by the Financial Times and based in London, named Arab Bank the 'Middle East winner' at The Banker's Technology Awards 2025, a recognition that celebrates excellence in financial innovation. The awards recognise the most innovative banks across the world for their digital banking initiatives that demonstrate creativity, measurable impact, and set new benchmarks for the fintech industry. Arab Bank was selected for this award following a comprehensive evaluation process by both internal and external judging panels. The selection was based on several key criteria, including the bank's local and regional impact, measurable performance results, and the bank's innovative approach to developing products and delivering tailored digital solutions that address evolving customers needs. This recognition comes as a result of Arab Bank's continuous efforts to offer the latest and most innovative digital banking services and solutions that caters to customer needs across the different sectors and markets. It also highlights the bank's vision for digital transformation and its continuous commitment to staying at the forefront of developments in the digital banking industry, contributing to the advancement of banking products and services. It's worth noting that The Banker Magazine, owned by the Financial Times and based in London, named Arab Bank as 'Bank of the Year in the Middle East for 2024'. Arab Bank also received the 'Best Bank in the Middle East 2025' award by New York-based international publication 'Global Finance', in addition to 24 local and regional awards in recognition of its corporate and consumer digital banking services in Jordan and across Middle East markets.
