Ithmaar Bank, a Bahrain-based Islamic retail bank, announced a net profit of US$13 million for the first half of 2015, as compared to a net profit of US$1.77 million for the same period last year.
Net profit for the three month period ended 30 June 2015 amounted to US$5.4 million, as compared to a net loss of US$0.34 million reported for the three month period ended 30 June 2014.
The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval, by the Board of Directors, of the Bank’s consolidated financial results for the six-month period ended 30 June 2015.
“On behalf of the Ithmaar Bank Board of Directors, I am pleased to announce that the Bank continues to report increased profits for 2015,” said HRH Prince Amr. “The half-year financial results for 2015 show business growth resulting into significant improvement in net profit as compared to the same period last year.” he said.
“Total expenses for the first half of 2015 are 4.6 percent lower, at US$95.95 million, than the total expenses reported for the same period in 2014 despite business growth,” said HRH Prince Amr. “This is a result of cost control measures which started in 2014,” he said.
Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, said the 2015 half-yearly financial showed an increasing customer confidence in the Bank.
“The financial results for 2015 are very encouraging and demonstrate our ongoing success as we work towards realising our shared vision of becoming one of the region’s premier Islamic retail bank,” said Abdul Rahim. “This success is due, in a large part, to listening closely to our customers and working to exceed their expectations by introducing new products and services while improving customer satisfaction,” he said.
Ithmaar Bank recently introduced a new pre-paid electronic card which allows customers to top-up their cards in real time, making their online shopping experience safer and more convenient than ever before.
Ithmaar had, earlier this year introduced Bahrain’s most rewarding Credit Cards loyalty programme “Ithmaar Rewards”, a new rewards programme for its MasterCard credit card holders.