DUBAI — Ithmaar Bank B.S.C. (closed), a Bahrain-based Islamic retail bank, announced Tuesday that it has increased profits for the period as the bank continues its focus on customer-centric growth.

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 for the nine-month period ended 30 September 2019.

Ithmaar Bank’s financial results show a net profit attributable to equity holders of the Bank for the nine-month period ended 30 September 2019 of BD2.67 million, an increase of 70.6 percent compared to the net profit of BD1.56 million reported for the same period in 2018. Total net profit for the nine-month period ended 30 September 2019 BD5.28 million, an increase of 10.9 percent compared to a net profit of BD4.76 million for the same period in 2018.

“On behalf of the Ithmaar Bank Board of Directors, I am pleased to report that the Bank continues to consistently report increased profits,” said Prince Amr. “This is testimony to the fact that the Bank’s efforts to grow closer to customers and enhance their banking experience are clearly paying off,” he said.

“The Bank’s financial results for period also show a significant increase in profits reported for the three-month period ended 30 September 2019,” said Prince Amr. “The Bank’s financial results for the period include a net profit of BD1.19 million for the three-month period ended 30 September 2019, an increase of 2.8 percent compared to a net profit of BD1.15 million for the same period in 2018. The net profit attributable to equity holders for the three-month period ended 30 September 2019 was BD0.56 million, a 196 percent increase compared to the net profit of BD0.19 million reported for the same period in 2018,” he said.

“Total income for the nine-month period ended 30 September 2019 was BD122.59 million, a 9.6 percent increase compared to the BD111.82 million reported for the same period in 2018. This included a total income for the three-month period ended 30 September 2019 BD43.41 million, a 14.8 percent increase compared to BD37.81 million reported for the same period in 2018,” said Prince Amr. “Operating income for the nine-month period ended 30 September 2019 was BD59.91 million, a 4.6 percent decrease compared to BD62.79 million reported for the same period in 2018. This included a total income for the three-month period ended 30 September 2019 was BD19.55 million, a 5.0 percent decrease compared to the BD20.59 million reported for the same period in 2018,” he said.

Ithmaar Bank Chief Executive Officer Ahmed Abdul Rahim said the growing profits are a reflection on the Bank’s commitment to focusing on continuously enhancing its customers’ banking experience.

“Ithmaar Bank’s balance sheet has marginally reduced, with total assets at BD2.93 billion as at 30 September 2019, a 6.2 percent decrease compared to BD3.13 billion as at 31 December 2018,” said Abdul Rahim. “Total owners’ equity stood at BD80.37 million as at 30 September 2019, a 5.9 percent decrease compared to BD85.39 million as 31 December 2018, resulting mainly from the devaluation of Pakistan Rupee.,” he said.

“Despite challenging market conditions, the Bank increased its equity of unrestricted investment accountholders to BD1,042.69 million as at 30 September 2019, a 4.8 percent increase compared to BD994.78 million as at December 2018,” said Abdul Rahim. “This improved liquidity reflects the confidence of our loyal customers, the Bank’s prudent financial policies and its ability to adapt to market conditions,” he said.

“Ithmaar Bank is committed to becoming one of the region’s premier retail banks,” said Abdul Rahim. “It is a commitment we take very seriously, and our results show that, despite challenging market condition, we are on the right path and our efforts to continuously enhance our customers’ banking experience are paying off,” he said. — SG