Ithmaar Bank reports $22mln net profit for 2022

Ithmaar Bank reports $22mln net profit for 2022

Ithmaar Bank, a Bahrain-based Islamic retail bank, has reported a total net profit of BD8.34 million ($22 million) for FY 2022 compared to a net profit of BD5.16 million ($13.6 million) the year before. This was mainly due to higher core income for the year.

Announcing the results for the 12-month period ended December 31, 2022, Ithmaar Bank said its net profit attributable to equity holders for the year hit BD3.10 million, thus registering a 706% increase compared to the net loss of BD0.51 million reported for 2021.

The bank reported profits for the year, despite that the financial results showed a net loss attributable to equity holders for the three-month period ended December 31, 2022 of BD8.29 million compared to the net profit of BD2.11 million reported for the same period in 2021.

According to Ithmaar, the total net loss for the three-month period ended December 31, 2022 was BD6.86 million compared to the BD3.82 million net profit reported for the same period in 2021.

This is mainly due to prudent impairment provisions as well as higher taxation charges from the group’ subsidiary in Pakistan, it stated.

On the results, Chairman Prince Amr Al Faisal said the bank continues to report profits for the