JEDDAH — Ithmaar Bank, a Bahrain-based Islamic retail bank, reported a net profit of $7.62 million for the first quarter of 2015, a 261 percent increase over the $2.11million net profit reported for the same period last year. Net profit attributable to equity holders of the bank for the first quarter of 2015 was $2.64 million, a 426 percent increase over the $0.5 million profit reported for the same period last year. The announcement by Ithmaar Bank Chairman Prince Amr Al Faisal followed the review and approval by the Board of Directors of the bank's consolidated financial results for the three-month period ended March 31, 2015. “On behalf of the Board of Directors, I am pleased to announce that Ithmaar Bank's business continues to grow, and that the first quarter financial results reflect the improvement in the bank's financial performance,” said Prince Amr. “The bank's operating income has significantly increased by almost 46 percent to $83.34 million for the first quarter of 2015, from $57.13 million for the same period last year. This increase is mainly due to overall revenue growth, with net income, before provisions for impairment and overseas taxation, for the period increasing 292 percent to $34.4 million,” he said. “Total expenses of $48.94 million for the three-month period ended 31 March 2015, are near constant compared to $48.35 million for the same period last year, due to cost control measures which started in 2014 both in Bahrain and in Faysal Bank Limited, Pakistan, despite the continued branch expansion in Pakistan” said Prince Amr. “I am also pleased to report that the balance sheet continues to be stable with the equity of unrestricted investment account holders growing to $2.09 billion as of March 31, 2015, an increase of 4.18 percent compared to $2.00 billion as of Dec. 31, 2014,” he said. “This significant increase during the first quarter is further evidence of customers' continued confidence in Ithmaar Bank,” said Prince Amr. Ithmaar Bank Chief Executive Officer Ahmed Abdul Rahim said the bank's focus on retail business has resulted in improved financial results for the first quarter of 2015. “Total assets grew to $8.06 billion as of March 31, 2015, an increase of 7.18 percent compared to $7.52 billion as of March 31, 2014 and increase of 2.49 percent compared to $7.86 billion as of Dec. 31, 2014,” said Abdul Rahim. “Liquid assets now represent 12.7 percent of the balance sheet compared to 11.3 percent as of Dec. 31, 2014,” he said. “The bank's improving financial results indicate that the bank is on path to realize its vision of becoming one of the region's premier Islamic retail banks,” said Abdul Rahim. “To do so, we strive to enhance our customer satisfaction by continuously improving our products and services and thereby growing closer to our customers,” he said. Ithmaar Bank recently introduced “Ithmaar Rewards”, a new rewards program for its MasterCard credit card holders. This rewards program is by far the most comprehensive of its kind and is Bahrain's most rewarding loyalty program, which promises to significantly improve the Ithmaar Bank customer experience. The world-class loyalty program allows Credit Card holders to redeem points online and choose from 700 airlines, 150,000 hotels and car rental service without restrictions or blackout dates and inclusive of all taxes. — SG
