Ithmaar Bank profit report confirms the Islamic retail bank is staying on track despite a challenging environment. The Bahrain-based institution posted BD1.34 million in net profit attributable to equity holders in the first quarter. That figure compares to BD4.25 million from the same period last year.
Meanwhile, the total net profit stood at BD3.77 million. This marks a drop from BD7.74 million recorded in the same quarter of the previous year. Yet, despite this decline, the Ithmaar Bank profit report reflects solid progress.
The decline occurred due to shrinking spreads driven by lower profit rates. Nevertheless, the bank’s leadership remains optimistic. His Royal Highness Prince Amr Al Faisal, Chairman of Ithmaar Bank, noted that the bank has adapted well. He emphasized the bank’s strategy to target SMEs, corporates, and institutions in Bahrain and Pakistan.
Furthermore, he highlighted the continued growth in Islamic banking as a strategic focus. In addition, the chairman praised the bank’s resilience and its commitment to strategic investments. This, he stated, supports future financial strength.
Additionally, Chief Executive Officer Maysan Al Maskati also commented on the results. He said the Ithmaar Bank profit report showcases strong progress in core banking services. He added that the team’s dedication to corporate client service is driving results.
Importantly, Ithmaar Bank’s total equity rose to BD51.87 million by the end of the first quarter. This represents a 2.6% increase from BD50.54 million recorded at the end of last year. The rise in equity underlines the bank’s stability and future potential.
In conclusion, the Ithmaar Bank profit report signals ongoing growth. The bank aims to continue building its presence across Bahrain and Pakistan. With a focus on Islamic banking and long-term investments, the bank maintains a steady path forward. Despite a drop in quarterly profits, the bank’s leadership remains focused on sustainable growth
