Ithmaar Bank turns around, posts $20.5m net in Q1
COMMERCIAL NEWS
Ithmaar Bank, a Bahrain-based Islamic retail bank, posted a total net profit for the first quarter (Q1) of BD7.74 million ($20.5 million) compared to BD0.23 million net loss reported for the same period in 2023. This is mainly due to higher core income.
Ithmaar Bank Chairman Prince Amr Al Faisal, said: “On behalf of the Ithmaar Bank Board of Directors, I would like to announce that despite the challenging global economic situation, the bank continues its efforts to grow its core Islamic banking business, which focuses on Corporate Banking and on further enhancing the value of its strategic investments.”
Total owners' equity increased to BD44.32 million as on March 31, 2024, a 10.6% increase from BD40.08 million as on December 31, 2023.
Due diligence
Earlier, Ithmaar Holding, Ithmaar Bank’s parent company, and GFH Financial Group announced that they are in discussions for GFH to acquire Ithmaar’s financing and investment portfolios. The discussions are subject to due diligence as well as shareholders and regulatory approvals.
Accordingly, the balances relating to the transaction have been classified as “held-for-sale” in the Q1 2024 results.--TradeArabia News Service
