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 albawaba.com: "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."