Ithmaar Bank B.S.C. announced (Closed), the Bahrain-based Islamic retail bank, announced recording profits for the year ending December 31, 2023.
This was announced by Ithmaar Bank Chairman, His Royal Highness Prince Amr Al Faisal, following the Board of Directors’ review and approval of the bank’s consolidated financial results.
Ithmaar Bank recorded a net profit attributable to the bank’s shareholders for the year ending December 31, 2023, amounting to 3.96 million Bahraini dinars, an increase of 27.74 percent compared to a net profit of 3.10 million Bahraini dinars recorded in 2022. The total profit for the year ending December 31, 2023 was It amounted to 12.22 million Bahraini dinars, compared to a net profit of 8.34 million Bahraini dinars in the same period in 2022. This is due to the increase in basic income during the year.
Ithmaar Bank’s financial results also showed a net profit for the bank’s shareholders amounting to 0.85 million Bahraini dinars for the three-month period ending on December 31, 2023, compared to a net loss of 8.29 million Bahraini dinars recorded in the same period in 2022. The total net profit for the three-month period ending was As of December 31, 2023, it amounted to 2.10 million Bahraini dinars, compared to a net loss of 6.86 million Bahraini dinars in the same period in 2022.
His Highness Prince Amr Al Faisal said: “On behalf of myself and on behalf of the Board of Directors of Ithmaar Bank, I am pleased to announce that the bank will continue to record profits during the year as the bank works to achieve further growth by focusing on providing its products and services exclusively to meet the financing and investment needs of projects.” “Small and medium-sized businesses, in addition to companies and institutions. This is also due to the bank continuing its efforts and focus to achieve further growth in the core banking business in Bahrain and Pakistan, in addition to working to enhance the value of strategic investments.”
The financial results show that the group’s share of unrestricted investment account income as a Mudarib increased to 107.70 million Bahraini dinars for the year ending December 31, 2023, an increase of 29.65 percent compared to 83.07 million Bahraini dinars in 2022.
As for ownership rights, they rose to 40.08 million Bahraini dinars as of December 31, 2023, i.e. an increase of 11 percent from 36.12 million Bahraini dinars as of December 31, 2022.
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