Latest news with #AmrAlFaisal
Daily Tribune
15-05-2025
- Business
- Daily Tribune
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.
Biz Bahrain
15-05-2025
- Business
- Biz Bahrain
Ithmaar Bank reports Q1 2025 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 March 31. Ithmaar Bank's financial results show a net profit attributable to equity holders for the three-month period ended March 31 of BD1.34 million compared to the net profit of BD4.25 million reported for the same period in 2024. Total net profit for the three-month period ended March 31 was BD3.77 million compared to BD7.74 million reported for the same period in 2024. The decrease is mainly due to reduced spreads resulting from the decreasing profit rate environment. His Royal Highness Prince Amr Al Faisal, Chairman of Ithmaar Bank, said following the review and approval of the Bank's consolidated financial results by the Board of Directors that the Bank had recorded profits despite the challenging market conditions, as it is working to achieve further growth by focusing on offering its products and services exclusively to meet the financial and investment needs of small and medium enterprises, as well as corporates and institutions. This is also attributed to the Bank's continued efforts and focus on achieving further growth in its core Islamic banking business in the Kingdom of Bahrain and Pakistan, in addition to enhancing the value of its strategic investments. On his part, Maysan Al Maskati, Chief Executive Officer of Ithmaar Bank, said the financial results show that the Bank's efforts to continue growing its core banking business and enhancing the Islamic banking experience for its corporate clients are bearing fruit. He added that what confirms the Bank's ongoing growth is the increase in total equity attributable to shareholders to BD51.87 million as at 31 March 2025, up by 2.6% from BD50.54 million as at 31 December 2024, which affirms that the Bank's performance is on the right track.
Trade Arabia
16-02-2025
- Business
- Trade Arabia
Ithmaar Bank profits soar 156% to $26.92m
Ithmaar Bank, a Bahrain-based Islamic retail bank, reported a net profit attributable to equity holders of BD10.14 million ($26.92 million) for 2024, a 156.3 percent increase compared to the net profit of BD3.96 million reported for 2023. 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
