Islamic Finance

Shariah-compliant Ithmaar Holding, Ithmaar Bank post rises in half-year profits

Shariah-compliant Ithmaar Holding and its wholly-owned subsidiary Ithmaar Bank posted rises in net profits for the first six months of 2019 compared to the same period last year.

Bahrain-based Ithmaar Holding reported a 20.4 per cent increase in net profit to $13.03 million for H1 compared to $10.82 million for the same period in 2018, it said in a bourse filing on Thursday.

The investment firm’s total income grew 7.5 per cent to $246.66 million for the six-month period ended June 30 versus H1 last year.

Ithmaar Bank reported a 13.4 per cent rise in net profit to 4.1 million Bahraini dinars ($10.9 million) versus 3.61 million dinars in H1 2018.

The Islamic retail bank’s total income for the six months ending June 30 went up 7 per cent to 79.19 million dinars compared to 74.01 dinars for the same period last year.

The bank’s total assets dropped 9.4 per cent to 2.83 billion dinars compared to 3.13 billion dinars as at December 31, 2018.

“Despite challenging market conditions, the Bank increased its liquid assets by 21.6 per cent to 368.69 million dinars as at 30 June 2019, compared to 303.19 million dinars as at 31 December 2018.” Ithmaar Holding and Ithmaar Bank CEO Ahmed Abdul Rahim said in a statement.

Ithmaar Holding said on Monday it plans to voluntarily delist from Boursa Kuwait while keeping its listings on the Bahrain Bourse and the Dubai Financial Market.

($1 = 0.376 Bahraini dinars) 2019 All Rights Reserved