Mubasher: Ithmaar Holding on Monday reported a 16.9% year-on-year decline in net profit during the first quarter of 2018, registering BHD 1.81 million ($4.81 million).

The company, which is listed in Dubai, Bahrain, and Kuwait, said its net profit attributable to equity holders ballooned 187.8% to BHD 630,000 ($1.66 million) in Q1-18 versus BHD 218,721 ($580,000) in the year-ago period.

“Ithmaar Holding’s total assets stood at $8.29 billion as at 31 March 2018, compared to $8.61 billion as at 31 December 2017, and remaining stable compared to $8.30 billion as at 31 March 2017,” Ithmaar Holding’s CEO Ahmed Abdul Rahim stated.

The Bahrain-based company’s earnings per share (EPS) grew to $0.06 in the three-month period ended 31 March, in comparison with $0.02 in the corresponding period of 2017.

Meanwhile, Ithmaar Holding’s wholly-owned subsidiary Ithmaar Bank’s net profit recorded BHD 2.03 million in Q1-18 against BHD 3.08 million from January to March 2017, a statement released by the holding company showed.

“Ithmaar Bank’s total assets stood at BHD 3.11 billion as at 31 March 2018, compared to BHD 3.24 billion as at 31 December 2017 and are stable compared to BHD 3.11 billion as at 31 March 2017,” Abdul Rahim said.