Profits up 130% at Ithmaar Bank

23 August 2007

Ithmaar Bank has posted half-year net profits of $65.9 million - up 130 per cent from the year ago period's figure of $28.7 million.

Revenue for the Bahrain-based bank meanwhile stood at $71.1 million - triple last year's figure of $23.7 million.

The lion's share of the profit was from loans, which brought in income of $97.8 million.

Meanwhile, revenue from fees and commissions stood at $25.4 million, while the sale of investment securities earned the bank $23.1 million.

Khalid Abdulla-Janahi, chairman of Ithmaar Bank told "Ithmaar Bank is growing at a rapid pace, as our results clearly demonstrate.

"Just over a year since the close of our IPO, we have managed to turn the Bank into one of the most dynamic financial institutions in the region, with subsidiaries and affiliates covering a wide range of Islamic financial services and investments, spread across the Middle East, Europe, South Asia and elsewhere."

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