Ithmaar Bank, a Bahrain-based Islamic retail bank, revealed today (ed note: 12/11/15) an overall net profit of US$ 11.4 million for the nine-month period ended 30 September 2015, compared to an overall net revenue of US$ 4.8 million reported for the very same nine-month duration last year. Net profit attributable to equity holders of the Bank for the nine-month period ended 30 September 2015 amounted to US$ 2.1 million, compared to a net revenue of US$ 1.1 million reported for the exact same duration in 2014.

The monetary outcomes for the period consist of a loss of US$ 1.6 million for the three-month period ended 30 September 2015, compared with an earnings of US$ 3.1 million reported for the exact same period in 2014. Loss attributable to equity holders of the Bank for the three-month period totaled up to US$ 3.6 million, compared with a net earnings of US$ 1.3 million reported for the same period in 2014. The statement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal, follows the testimonial and approval by the Board of Directors of the Bank's consolidated financial outcomes for the nine-month duration ended 30 September 2015.

"On behalf of the Ithmaar Bank Board of Directors, I am delighted to reveal that the Bank's operating income continues to increase, growing 19.7 percent throughout the nine-month duration ended 30 September 2015 to overall US$ 211.3 million, compared to US$ 176.6 million throughout the exact same period in 2014," said HRH Prince Amr. "This increase is due to the Bank's overall revenue development which resulted in net income, before provisions for disability and abroad tax, for the duration enhancing 136 percent to US$ 70.7 million from US$ 29.9 million," he said.

"Total costs for the year are 4.1 percent lower, at US$ 140.6 million, than the total expenses reported for the very same duration in 2014 in spite of business growth during the year," said HRH Prince Amr. "This is a result of cost control procedures which started in 2014," he said.
"I am likewise pleased to report that the balance sheet continues to grow," stated HRH Prince Amr. "Total assets increased to US$ 8.29 billion as at 30 September 2015, a 12.6 percent boost from US$ 7.36 billion as at 30 September 2014, and a 5.4 percent boost from US$ 7.86 billion as at 31 December 2014," he stated.

Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, said the Bank's 2015 monetary results show stable, continued growth in income which shows the Bank's continuous success. "The operation growth is noticeable from the boost in the equity of unrestricted financial investment account holders which grew to US$ 2.20 billion as at 30 September 2015, a boost of 9.8 percent compared to US$ 2 billion as at 31 December 2014, and of 11 percent compared with US$ 1.98 billion as at 30 September 2014," stated Abdul Rahim. "Liquid assets form 11.6 percent of the Bank's total assets as at 30 September 2015, a boost from 11.3 percent as at 31 December 2014," he stated.

"Despite tough international market conditions, Ithmaar Bank's monetary results for 2015 are extremely encouraging," stated Abdul Rahim. "They show our continuous success as we work towards realising our shared vision of ending up being one of the area's premier Islamic retail bank," he said. "The Bank's continued success is driven by its dedication to its customers," stated Abdul Rahim. "We listen closely to their demands and, in addition to continually establishing our services and products, we continuously aim to grow closer to our clients," he said.

Earlier this year, for example, Ithmaar reopened its West Riffa branch after significantly expanding the branch to accommodate extra tellers and customer care stations in addition to dedicated centers solely for female clients. The West Riffa Branch is among the most popular in Ithmaar Bank's retail banking network of 17 complete branches which, together with the 47 ATMs at strategic areas across Bahrain, belong to one of the largest networks in the Kingdom.
Ithmaar Bank, which presented previously this year a brand-new pre-paid electronic card that permits consumers to top-up their cards in genuine time and make their online buying experience much safer and more hassle-free than before, recently also signed a Memorandum of Understanding (MOU) with Aramex, among the leading worldwide logistics and transport solutions carriers, to offer Ithmaar Bank's cardholders an affordable lifetime Aramex "Shop and Ship" subscription, in addition to exclusive discounts on shipping charges.

Working with Tamkeen, a semi-government organisation in Bahrain established to assist make the personal sector the crucial motorist of sustainable economic advancement, Ithmaar Bank likewise introduced of a joint funding solution developed particularly to support personal sector enterprises in the Kingdom. This follows an arrangement previously this year to include BD10 million to the joint Ithmaar-Tamkeen enterprise finance plan profile. Ithmaar Bank was the very first Bank in Bahrain to provide SME financing with Tamkeen during 2007 and, with the launch of this scheme, the collaboration continues to help support the sustainable development and advancement of Bahrain's SMEs.