Mubasher: Ithmaar Bank on Sunday reported a profit attributable to shareholders after deducting minority rights of $1.22 million for Q1-16, down 54% from $2.64 million the same period in 2015.
The bank’s profit drop is attributed to lower income from murabaha and financing as well as declining profits from other investments, the bank which listed in Bahrain and Kuwait said.
The Bahrain-based Islamic bank said it achieved an operating income of $61.48 million in Q1-16, compared to $83.34 million in the corresponding period the year before, which included a one-off gain realised on government securities by Ithmaar’s Pakistan subsidiary, Faysal Bank Limited.
Ithmaar Bank CEO Ahmed Abdul Rahim commented that “the bank continues to remain focused on enhancing its products and services while growing closer to its customers and that as a result, the Bank’s core retail banking business continues to grow.”
