MANAMA: Ithmaar Bank B.S.C. (closed), a Bahrain-based Islamic retail bank, announced its financial results for the nine-month period ended 30 September 2021 and reported sustained growth in its core retail banking business.
The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the Bank’s consolidated financial results for the nine-month period ended 30 September 2021.
Ithmaar Bank’s financial results show a net loss attributable to equity holders for the nine-month period ended 30 September 2021 of BD2.62 million compared to the net loss of BD4.18 million reported for same period in 2020. The Bank’s results show a net loss attributable to equity holders for the three-month period ended 30 September 2021 of BD3.16 million compared to a net loss of BD2.15 million for the same period in 2020. The loss is mainly due to the devaluation of the Pakistan Rupee during the period.
Overall, including profit attributable to minority interests, the Bank’s results show a net profit for the nine-month period ended 30 September 2021 of BD1.34 million, a 288.5 percent increase compared to the net loss of BD0.71 million reported for the same period in 2020. The net loss for the three-month period ended 30 September 2021 was BD2.07 million, compared to a net loss of BD0.92 million reported for the same period in 2020.
“On behalf of the Ithmaar Bank Board of Directors, I am pleased to report that the Bank continues to grow its core retail banking business with continuous, sustained improvements in both the Bank’s offerings and in the market’s response,” said HRH Prince Amr. “This is testimony to the success of the Bank’s long-term commitment to focusing on customer-centric growth,” he said.
“As a result of this focus, income from the Bank’s core business continues to grow with the Group’s share of income from unrestricted investment accounts, for example, increasing more than 28% to BD35.47 million for the nine-month period ended 30 September 2021, up from BD27.66 million in the same period last year,” said HRH Prince Amr. “The Bank’s financial results, however, were impacted by fluctuations in foreign exchange rates,” he said.
Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, said that, despite challenging market conditions, the Bank continues to report growth in its core retail banking business.
“Income from unrestricted investment accounts increased to BD80.55 million for the nine-month period ended 30 September 2021, an 18.3 percent increase compared to the BD68.11 million reported for the same period last year,” said Abdul Rahim. “As a result, net income before overseas taxation increased to BD10.90 million, a 48.9 percent increase compared to the BD7.32 million reported for the same period last year,” he said.
Ithmaar Bank’s total assets grew to BD3.32 billion as at 30 September 2021, a 7.3 percent increase compared to BD3.09 billion as at 31 December 2020. Total owners’ equity stood at BD44.25 million as at 30 September 2021, an 11.2 percent decrease compared to BD49.83 million as at 31 December 2020.
“Ithmaar Bank continues to focus on its customers, and on further developing its products, services and delivery channels,” said Abdul Rahim. “This has driven consistent, sustained growth in the Bank’s core retail banking business,” he said.
In October, Ithmaar Bank, which owns and operates the larc retail banking network in the Kingdom, inaugurated its new Main Branch in Seef Mall, Seef District. The new Main Branch, which replaces the one in Seef Tower, features sophisticated, cutting-edge technology, including next-generation Automated Teller Machines (ATMs) and other exciting new branch automation and customer service solutions. It was designed with a fresh, new look and feel and advanced technologies in order to ensure an enhanced banking experience for customers. This includes the provision of next-generation ATMs and other new digital solutions, as well as the latest Self-Service Banking machine to automate various services, including, printing account statements and certificates, updating customer information, and printing of card statements.
In October, Ithmaar Bank also distributed the third Thimaar quarterly prizes for the year and presented two Bahrainis with prize purses of US$100,000 each. This year, a total of 2,271 prizes will be awarded, the most offered by any bank in Bahrain. Throughout the year, customers are able to win US$1 million grand prize, six quarterly prizes worth US$100,000 each, along with many more cash prizes. Customers can instantly open a Thimaar account directly from their mobile phones, without the need to physically visit a branch. Bahraini and non-Bahraini residents can securely open new accounts in just a few minutes by simply downloading the Ithmaar Bank Mobile App.
Earlier this year, Ithmaar Bank received the Best Bank Loyalty Programme Award from Mastercard. The prestigious annual award was presented to Ithmaar Bank in recognition of its successful, customer focused credit card rewards programme, Ithmaar Rewards.
