Ithmaar Bank announces third quarter results, reports continued in core business

Ithmaar Bank announces third quarter results, reports continued in core business

Ithmaar Bank B.S.C. (closed), a Bahrain-based Islamic retail bank, announced its financial results for the nine-month period ended 30 September 2021 and reported sustained growth in its core retail banking business. The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the Bank’s consolidated financial results for the nine-month period ended 30 September 2021. Ithmaar Bank’s financial results show a net loss attributable to equity holders for the nine-month period ended 30 September 2021 of BD2.62 million compared to the net loss of BD4.18 million reported for same period in 2020. The Bank’s results show a net loss attributable to equity holders for the three-month period ended 30 September 2021 of BD3.16 million compared to a net loss of BD2.15 million for the same period in 2020. The loss is mainly due to the devaluation of the Pakistan Rupee during the period. Overall, including profit attributable to minority interests, the Bank’s results show a net profit for the nine-month period ended 30 September 2021 of BD1.34 million, a 288.5 percent increase compared to the net loss of BD0.71 million reported for the same period in 2020.