Ithmaar Holding posts $10mn profit in H1

MANAMA / Emirates Business

Ithmaar Holding BSC, a Bahrain-based financial institution, and its wholly-owned subsidiary, Ithmaar Bank BSC, a Bahrain-based Islamic retail bank, each announced their financial results for the first half of 2018 with both reporting profits for the period.
The announcement by the Ithmaar Holding Chairman
His Royal Highness Prince Amr Al Faisal, who is also the Ithmaar Bank Chairman, follows the review and approval of both Board of Directors of the consolidated financial results for the six-month period ended 30 June 2018.
Ithmaar Holding reported a net profit of $10.82 million for the six-month period ended on June 30, as compared to a net loss of $1.59 million for the same period in 2017.
Net profit attributable to equity holders for the six-month period ended on June 30 was $4.85 million, as compared to the $9.25 million net loss reported for the same period in 2017. Earnings per share (EPS) for the six month period increased to US cents 0.17 compared to negative US cents 0.32 for the same period in 2017.
The half-year results included a net profit of $6.01 million for the three-month period ended on June 30, as compared to a net loss of $7.38 million for the same period
in 2017.
Net profit attributable to equity holders for the three-month period ended on June 30 was $3.20 million, as compared to the $9.82 million net loss reported for the same period in 2017. EPS for the three-month period increased to USD cents 0.11 compared to negative US cents 0.34 for the same period in 2017.
“On behalf of the Ithmaar Holding Board of Directors, I am pleased to announce that the 2018 half-year results show a turnaround in our financial performance,” said HRH Prince Amr.
“Total income for the six-month period ended on
June 30 increased to $225.43 million, a 8.3 percent increase from the $208.07 million reported for the same period last year. This was mainly due to higher share of profit after tax from associates,” he said.
“As a result, our operating income for the six-month period ended on June 30 increased to $148.68 million, a 16.9 percent increase from the $127.21 million reported for the same
period last year,” said HRH Prince Amr.
Ithmaar Holding CEO, Ahmed Abdul Rahim, who is also the Ithmaar Bank CEO, said the half-year result of both institutions reflect the strength of the Group’s core retail banking business. “Ithmaar Holding’s total assets stood at $8.62 billion as of June 30, 2018, compared to $8.61 billion as of December 31, 2017,” said Abdul Rahim.
“Also, Ithmaar Bank’s financial results show a net profit of BD3.61 million for the six-month period ended on June 30, 2018, a decrease of 17.6 percent compared to a net profit of BD4.38 million for the same period in 2017,” said Abdul Rahim. “Net profit attributable to equity holders for the six-month period ended on June 30, 2018 was BD1.37 million, a decrease of 11.0 percent compared to the BD1.54 million net profit reported for the same period in 2017,” he said.