Manama, Bahrain—Ithmaar Bank, a Bahrain-based Islamic bank, posted a net profit of US$4.14 million in the first half of 2023, compared to a net profit of $3.96 million for the same period in 2022.
Total profit for the six-month period ended 30 June 2023 was $14.25 million, compared to a net profit of $9.36 million for the same period in 2022.
Total assets stood at $5.85 billion as at 30 June 2023, 4.6 percent lower than $6.14 billion as at 31 December 2022. This is mainly due to foreign exchange impact during the period resulting from the Bank’s strategic investment.
The results show a net profit attributable to equity holders of the Bank for the three-month period ended 30 June 2023 of $8.96 million compared to the net profit of $3.45 million reported for the same period in 2022, mainly due to increase in core income, partly offset by foreign exchange impact during the period resulting from the Bank’s strategic investment.
Total profit for the three-month period ended 30 June 2023 was $14.86 million, compared to a net profit of $5.37 million for the same period in 2022, mainly due to increase in core income.
Total owners’ equity increased to $100.21 million as at 30 June 2023, a 4.3 percent increase from $96.06 million as at 31 December 2022 mainly due to profits for the period.
