Ithmaar Bank reports 2021 results

Ithmaar Bank reports 2021 results

Ithmaar Bank B.S.C. a Bahrain-based Islamic retail bank, reported profits for the fourth quarter of 2021 as it announced its financial results for the year ended 31 December 2021. 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. Ithmaar Bank’s financial results show a net profit attributable to equity holders for the three-month period ended 31 December 2021 of BD2.11 million compared to the net loss of BD11.11 million reported for the same period in 2020. Total net profit for the three-month period ended 31 December 2021 was BD3.82 million compared to the BD10.26 million net loss reported for the same period in 2020. Despite the profit for the quarter results, the Bank reported a net loss attributable to equity holders for the year ended 31 December 2021 of BD0.51 million, a 97 percent reduction compared to the net loss of BD15.29 million reported for 2020. Total net profit for the year ended 31 December 2021 is BD5.16 million compared to the net loss of BD10.97 million reported for 2020. This improvement, with a significant reduction in losses, is due