Latest news with #IthmaarBank
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.
Zawya
15-05-2025
- Business
- Zawya
Bahrain: Ithmaar Bank reports first quarter profits
Bahrain - 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, 2025. 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. Ithmaar Bank's financial results show a net profit attributable to equity holders for the three-month period ended March 31, 2025 of BD1.34 million compared to the net profit of BD4.25m reported for the same period in 2024. Total net profit for the three-month period ended March 31, 2025 was BD3.77m compared to BD7.74m 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 Prince Amr. 'This is also 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 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 testimony to the bank's growth journey, total equity attributable to shareholders of the bank increased to BD51.87m as at March 31, 2025, a 2.6pc increase from BD50.54m as at December 31, 2024, which demonstrates that the bank is on the right trajectory,' he said. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
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
23-03-2025
- Business
- Trade Arabia
Ithmaar Reward winner of February draw announced
Ithmaar Bank, a Bahrain-based Islamic retail bank, has announced the winner of the February draw of the Ithmaar Reward Programme that is designed exclusively for corporate Modaraba accountholders. The draw was held at the bank's headquarters in Seef district and was coordinated and supervised by the Ministry of Industry and Commerce (MOIC), as well as external auditors BDO Bahrain and the bank's internal auditors. Al Rafeeq Contracting Company won the prize, which is an additional 1% of profit on the modaraba amount. The ceremony was attended by the General Manager of Al Rafeeq Contracting, Sayed Mohammed Al Mosawi. 'We are pleased to win in the second prize of Ithmaar Reward Programme that is designed exclusively for corporate Modaraba accountholders,' said Al Mosawi. 'We appreciate Ithmaar Bank's efforts to support corporate clients and provide special services to facilitate the financial management of our businesses in order to achieve further growth and development,' he said. 'On behalf of all of us at Ithmaar Bank, we congratulate Al Rafeeq Contracting Company and all its team for winning the second prize of Ithmaar reward programme, which we have launched as part of the Bank's efforts to provide an exceptional banking experience to its corporate clients,' said Ithmaar Bank Head of Corporate Banking, Financial Institutions and Treasury, Ebrahim Jassim. 'Ithmaar will continue to work on enhancing its products and services provided to corporate clients in line with their financial demands and requirements,' he said. Ithmaar Reward Programme aims to encourage corporates as well as Small and Medium Enterprises (SMEs) to invest more in the bank's Modaraba account to increase their chances of winning rewarding prizes. Modaraba accounts of six months and longer tenors, with an amount of BHD100,000 or $250,000 or higher are qualified to enter the draw to win an additional 1% of profit on the modaraba amount. The draws of Ithmaar Reward will be held on a monthly basis and a winner will be chosen every month. - TradeArabia News Service
Daily Tribune
10-03-2025
- Business
- Daily Tribune
Ithmaar Bank announces first winner of Ithmaar Reward draw
Ithmaar Bank, a Bahrain-based Islamic retail bank, announced the winner of the first Ithmaar Reward draw that is designed exclusively for corporate Modaraba accountholders. The draw was held at the Bank's headquarters in Seef district and was coordinated and supervised by the Ministry of Industry and Commerce (MOIC), as well as external auditors BDO Bahrain and the Bank's internal auditors. Amwal Trading Company won the prize, which is an additional 1% of profit on the modaraba amount. The ceremony was attended by Ahmed Al-Mutawa, a director at Amwal Trading Company. 'We are pleased to win an unexpected prize. We really appreciate Ithmaar Bank 's initiative to introduce and launch a new and unique programme to reward its corporate clients,' said Al-Mutawa. 'The reward programme supports us to continue developing and growing our businesses and it encourages us to invest more with Ithmaar Bank,' he said. 'On behalf of all of us at Ithmaar Bank, we congratulate Mr. Ahmed Al-Mutawa and all the company's team to win in the first draw of our new reward programme, which we have launched as part of the Bank's efforts to provide an exceptional banking experience to our corporate clients,' said Ithmaar Bank Chief Executive Officer, Maysan Al Maskati. 'This programme aims to encourage corporates as well as Small and Medium Enterprises (SMEs) to invest more in the Bank's Modaraba account to be rewarded and to motivate them to continue developing their businesses and to achieve further growth,' he said. The new reward programme is designed exclusively for corporate Modaraba deposit accountholders. Modaraba accounts of six (6) months and longer tenors, with an amount of BHD100,000 or USD 250,000 or higher are qualified to enter the draw to win an additional 1% of profit on the modaraba amount.
