Mubasher: Ithmar Bank, which is listed in Bahrain and Kuwait, reported net earnings of $11.4 million for the first nine months of 2015, surging 137% compared with $4.8 million in the same period a year ago.

Net profit attributable to equity holders amounted to $2.1 million, compared to $1.1 million reported for the same period last year.

The lender recorded losses of $1.6 million in Q3-15, against earnings of $3.1 million in Q3-14.

The bank’s operating income grew 19.7% during the nine-month period ended 30 September 2015 to total $211.3 million, compared to $176.6 million during the same period last year.  

“This increase is due to the bank’s overall revenue growth which resulted in net income, before provisions for impairment and overseas taxation, for the period increasing 136% to $70.7 million from $ 29.9 million,” said Chairman Amr Al Faisal.