Ithmaar Bank reports Q1 2025 profits

15/05/2025 02:17 AST

Ithmaar Bank, a Bahrain-based Islamic retail bank, reported profits for the first quarter of the year as it announced its financial results for the three-month period ended March 31.

Ithmaar Bank's financial results show a net profit attributable to equity holders for the three-month period ended March 31 of BD1.34 million compared to the net profit of BD4.25 million reported for the same period in 2024. Total net profit for the three-month period ended March 31 was BD3.77 million compared to BD7.74 million reported for the same period in 2024. The decrease is mainly due to reduced spreads resulting from the decreasing profit rate environment.

His Royal Highness Prince Amr Al Faisal, Chairman of Ithmaar Bank, said following the review and approval of the Bank's consolidated financial results by the Board of Directors that the Bank had recorded profits despite the challenging market conditions, as it is working to achieve further growth by focusing on offering its products and services exclusively to meet the financial and investment needs of small and medium enterprises, as well as corporates and institutions. This is also attributed to the Bank's continued efforts and focus on achieving further growth in its core Islamic banking business in the Kingdom of Bahrain and Pakistan, in addition to enhancing the value of its strategic investments.

On his part, Maysan Al Maskati, Chief Executive Officer of Ithmaar Bank, said the financial results show that the Bank's efforts to continue growing its core banking business and enhancing the Islamic banking experience for its corporate clients are bearing fruit.

He added that what confirms the Bank's ongoing growth is the increase in total equity attributable to shareholders to BD51.87 million as at 31 March 2025, up by 2.6% from BD50.54 million as at 31 December 2024, which affirms that the Bank's performance is on the right track.

BNA