Ith­maar Bank an­nounces con­tin­ued prof­its for 2017

Kuwait Times - - BUSINESS -

Ith­maar Bank B.S.C, a Bahrain-based Is­lamic re­tail bank and a wholly-owned sub­sidiary of Ith­maar Hold­ing, re­ported yes­ter­day a net profit of BHD4.38 mil­lion for the first half of 2017. The net profit at­trib­ut­able to eq­uity hold­ers of the Bank for the six-month pe­riod ended 30 June 2017 was BHD1.54 mil­lion.

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 six­month pe­riod ended 30 June 2017. These are the Bank’s first half-year re­sults since the suc­cess­ful com­ple­tion in Jan­uary this year of a planned re­or­ga­ni­za­tion and the for­mal com­mence­ment of the new group struc­ture and hence there are no com­par­a­tives.

“On be­half of the Ith­maar Bank Board of Di­rec­tors, I am pleased to an­nounce that the Bank con­tin­ues to re­port prof­its in 2017,” said HRH Prince Amr. “In the three-month pe­riod ended 30 June 2017, Ith­maar Bank re­ported a net profit of BHD1.3 mil­lion, with the net profit at­trib­ut­able to eq­uity hold­ers of the Bank for the pe­riod be­ing BHD0.4 mil­lion,” he said.

“Ith­maar Bank’s half-year fi­nan­cial re­sults show that the Bank is re­port­ing con­tin­ued prof­its and sta­ble in­come for the year,” said HRH Prince Amr. “In the first half of 2017, the Bank recorded a net in­come, be­fore pro­vi­sions for im­pair­ment and over­seas tax­a­tion, of BHD12.71 mil­lion, in­clud­ing BHD6.22 mil­lion for the three-month pe­riod ended 30 June 2017. The Bank recorded a to­tal in­come for the first half of the year of BD76.44 mil­lion, in­clud­ing BD39.23 mil­lion for the three-month pe­riod ended 30 June 2017,” he said.

Ith­maar Bank Chief Ex­ec­u­tive Of­fi­cer, Ahmed Ab­dul Rahim, said that ef­forts to con­tin­u­ously de­velop the Bank’s prod­ucts and ser­vices, while also im­prov­ing its cus­tomer ser­vice of­fer­ings and grow­ing closer to its cus­tomers, were clearly pay­ing off.

“Ith­maar Bank’s half-year fi­nan­cial re­sults show that we are, in­deed, on the right track as we work to­wards our shared vi­sion of be­com­ing one of the re­gion’s pre­mier Is­lamic re­tail banks,” said Ab­dul Rahim. “The re­sults show that the Bank’s to­tal as­sets grew by 5 per­cent over the past three months and stand at BHD3.26 bil­lion as at 30 June 2017, up from BHD3.11 bil­lion as at 31 March 2017. Ac­cord­ingly, the eq­uity of un­re­stricted in­vest­ment ac­coun­thold­ers grew by 4.8 per­cent dur­ing the same pe­riod to stand at BHD1.05 bil­lion as at 30 June 2017, up from BHD0.99 bil­lion as at 31 March 2017,” he said.

“This growth is, in a large part, a re­sult of the un­wa­ver­ing fo­cus on de­vel­op­ing our core re­tail bank­ing busi­ness,” said Ab­dul Rahim. “Ith­maar Bank op­er­ates one of the largest re­tail bank­ing net­works in Bahrain, and is widely rec­og­nized as one of the pi­o­neer, most in­no­va­tive Is­lamic banks in the re­gion. We are con­fi­dent that we will con­tinue to build on this legacy by lis­ten­ing closely, and re­spond­ing quickly, to our cus­tomers,” he said. “The Bank’s sub­sidiary, Faysal Bank Lim­ited in Pak­istan, opened 75 Is­lamic branches dur­ing 2016 as part of its branch ex­pan­sion plan and has 50 Is­lamic branches planned for 2017, out of which 10 have been opened till 30 June 2017, mak­ing the num­ber of to­tal Is­lamic branches as 156 out of to­tal of 364 branches,” he said

In May, for ex­am­ple, Ith­maar Bank in­tro­duced a new Sharia-com­pli­ant cor­po­rate credit card with Mastercard. The Card, which was tai­lored to meet the spe­cific re­quire­ments of cor­po­rate cus­tomers, as well as busi­ness own­ers and Small and Medium-sized En­ter­prises (SMEs) cus­tomers, was de­vel­oped a re­sult of the Bank’s com­mit­ment to lis­ten­ing to, and de­liv­er­ing on, cus­tomer ex­pec­ta­tions. The cor­po­rate card al­lows for a one-stop pay­ment so­lu­tion which, ul­ti­mately, cre­ates what could be the most con­ve­nient busi­ness pay­ment so­lu­tion for busi­nesses.

In April, Ith­maar Bank be­came one of the first banks in Bahrain to be cer­ti­fied to the Pay­ment Card In­dus­try Data Se­cu­rity Stan­dard (PCIDSS) v3.2, a pres­ti­gious, in­ter­na­tion­ally-cel­e­brated pay­ment se­cu­rity cer­ti­fi­ca­tion that puts the Bank on par with some of the best in the world. The PCI-DSS is a data se­cu­rity stan­dard for or­ga­ni­za­tions that han­dle branded pay­ment cards from the ma­jor card schemes. The PCI Stan­dard is man­dated by the card brands and ad­min­is­tered by the Pay­ment Card In­dus­try Se­cu­rity Stan­dards Coun­cil. Ith­maar Bank earned the cer­ti­fi­ca­tion after suc­cess­fully com­plet­ing a com­pre­hen­sive au­dit and demon­strat­ing com­pli­ance to one of the most strin­gent and most cov­eted se­cu­rity stan­dards in the world.

Ear­lier this month, Ith­maar Bank an­nounced that it was hon­ored at a re­gional con­fer­ence for its con­tin­u­ous sup­port of the com­mu­nity and pre­sented with the Best Cor­po­rate So­cial Re­spon­si­bil­ity (CSR) Award for an Is­lamic Bank 2017 award in recog­ni­tion of its var­i­ous ini­tia­tives. The award was pre­sented at the CSR Con­fer­ence and Award for Is­lamic Banks which was held in Bahrain and at­tended by se­nior bankers, CSR experts and rep­re­sen­ta­tives of Non­Govern­men­tal Or­ga­ni­za­tions (NGOs) as well as gov­ern­ment and bank­ing and fi­nance of­fi­cials both from Bahrain, as well from Saudi Ara­bia, the United Arab Emi­rates, Kuwait, Oman, Jor­dan, Le­banon, Su­dan, and the Repub­lic of Dji­bouti.

Ahmed Ab­dul Rahim, Ith­maarBank CEO

Prince Amr Al- Faisal

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