Mubasher: Ithmaar Bank, a subsidiary of Ithmaar Holding listed on Boursa Kuwait and the Bahrain Bourse (BHB), achieved a net profit of BHD 1.3 million in the second quarter of 2017 with distributable profits of BHD 400,000, according to press release.
The bank’s profits in the first half of 2017 reached BHD 4.38 million with distributable profits of BHD 1.54 million.
“These financial results are the first results to be announced since the launch of the group’s new organisational structure. There are no previous results to compare to,” the chairman of the Bank, Prince Amr Al Faisal, said.
The parent company turned to losses worth $7.38 million in Q2-17, against profits of $7.14 million in the same period of 2016.
The profits of the company in Q1-17 increased 20% to reach $5.79 million as compared to $4.83 million in the Q1-16.
Earlier, the CEO of the company, Ahmed Abdulrahim, asserted that the budget of the parent company is being stabilised with growth being achieved in spite of the quarterly losses incurred. Total financial assets increased 2.9% to $8.72 billion by the end of H1-17, as compared to $8.47 billion in the year-ago period.