Bahrain’s Ibdar Bank achieved a net profit of $3 million in its financial results for the first quarter of the period ended 31 March, 2015, compared to $1 million in the corresponding period of 2014, an increase of 200%.

Total income for the period soared 65.8% to $6.3 million in Q1-15 from $3.8 million in Q1-14, according to Bahrain News Agency.

Total owners’ equity grew 1.4% and total asset base rose 3.3% reaching $441 million at the end of the first quarter.

"During the period, we concluded the sale and exit from the last remaining villas in our Saar Central project – a $30 million, 82 villa development,” said Ibdar CEO Basel Al-Hag-Issa.