Manama: Ithmaar Bank, a Bahrain-based Islamic retail bank, announced a total net profit of $4.84 million for the nine-month period ended 30 September 2014, compared to a net loss of $11.97 million reported for the same nine-month period last year.
Net profit for the three month period ended 30 September 2014 amounted to $3.06 million, as compared to net loss of $4.45 million reported for the three month period ended 30 September 2013.
Net profit attributable to equity holders of the Bank for the nine-month period ended 30 September 2014 amounted to $1.14 million, compared to a net loss of $12.79 million reported in the same period last year.
Net profit attributable to equity holders of the Bank for the three month period ended 30 September 2014 amounted to $1.26 million, as compared to net loss of $5.15 million reported for the three month period ended 30 September 2013.
Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal follows the review and approval by the Board of Directors of the Bank’s consolidated financial results for the nine-month period ended 30 September 2014.
“On behalf of the Ithmaar Bank Board of Directors, I am pleased to announce that Ithmaar Bank has reported profit and continues to grow its core retail banking operations,” HRH Prince Amr, said.
“The financial results show stable, consistent growth in Ithmaar Bank’s performance,” he said.
“In particular, I am pleased to announce that net income, before provisions for impairment and overseas taxation, has increased by 270 percent to $29.93 million during the nine month period ended 30 September 2014, compared to $8.10 million during the same period last year,” HRH Prince Amr, said.
“This increase is mainly due to sustainable revenue growth across most income streams,” he said.
“Our improved performance is evident from the growth in operating income, which increased by 17 percent to $176.55 million, compared to $150.56 million reported during the same period last year,” HRH Prince Amr, said.
“Total expenses for the nine-month period ended 30 September 2014, at $146.62 million, are 2.92 percent higher than the same period in 2013, mainly due to the one-off expenses associated with the Staff Voluntary Separation Scheme and the full year impact in 2014 of certain branches opened in 2013 in Pakistan,” he said.
“I am also pleased to report that the balance sheet continues to be stable,” HRH Prince Amr, said.
“The equity of unrestricted investment account holders has increased by 5.4 percent to $1.98 billion as compared to $1.88 billion as at 30 September 2013 and has remained stable at $1.99 billion as of 31 December 2013. The Bank continues to reduce its cost of funding as part overall cost reduction initiative. Customer current accounts have increased to $1.29 billion as at 30 September 2014, an increase of 10.08 percent compared to $1.18 billion as at 30 September 2013and increase of 1.8 percent compared to $1.27 billion as at 31 December 2013, mainly due to the Bank’s continued focus on developing its core retail banking business and raising low cost funds. Liquid assets now represent 13.1 percent of the balance sheet as at 30 September 2014,” he said.