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Ithmaar Bank posts record half-year profit of $141.9 million
Ithmaar Bank, a Bahrain-based investment bank with global reach, has reported a 115 per cent surge in its half-year net profit to a record $141.9 million, up from $65.9 million for the same period last year.
- Staff Report
- Published: 18:38 August 13, 2008
Manama, Bahrain: Ithmaar Bank, a Bahrain-based investment bank with global reach, has reported a 115 per cent surge in its half-year net profit to a record $141.9 million, up from $65.9 million for the same period last year.
As Ithmaar Bank's subsidiaries and associates continued their upward trend, operating profits nearly doubled from $71.1 million for the first half of 2007 to $139 million for the period ended 30 June 2008. Return on equity (annualised) remained strong at 21 per cent. The results reflect the Bank's strongest mid-year financial performance since it went public in early 2006.
"Ithmaar Bank's robust half-year financial performance is a result of the management's strategy to consolidate the group's strengths over the past six months. Our confidence and willingness to pioneer unique investment opportunities has been recognized by the markets in the region, who have witnessed us forge inroads into previously unchartered territories this year," said Khalid Abdulla-Janahi, Chairman, Ithmaar Bank.
Income from investments contributed $139 million; income from financing contributed $91 million, while $28.8 million were collected in fees and commissions.
Total assets showed significant growth of 14.4 per cent, totalling $4.7 billion at the end of June 2008, compared with $4.1 billion as of 31 December 2007.
Despite the Bank's rapid expansion into new markets, the cost-to-income ratio remained low at 37 per cent. Funds under management surged 29 per cent, from $1.7 billion to $2.2 billion.
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