MANAMA, BAHRAIN – 14 May 2017 – Ithmaar Bank B.S.C. (c), a Bahrain-based Islamic retail bank and a wholly-owned subsidiary of Ithmaar Holding, reported today (ed note: 14/05/17) a net profit of BHD3.1 million for the first quarter of 2017. The Net profit attributable to equity holders of the Bank for the first quarter of 2017 was BHD1.14 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 three-month period ended 31 March 2017. These are the Bank’s first published results since the successful completion in January this year of a planned reorganisation 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 reported profits in the first three months following the successful reorganisation,” said HRH Prince Amr. “In the three-month period ended 31 March 2017, Ithmaar Bank reported a net income, before provisions for impairment and overseas taxation, of BHD6.49 million. Total income during the period was BHD38.67 million,” he said.
“As at 31 March 2017, the Bank’s total assets stand at BHD3.11 billion, and the total owners’ equity at BHD158.60 million,” said HRH Prince Amr.
Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, said that following the reorganisation, the Bank is focusing all its efforts on developing its core retail banking business by continuously developing its products and services, improving its customer service offerings and growing closer to its customers.
“Ithmaar Bank is committed to becoming the region’s premier Islamic retail bank,” said Abdul Rahim. “The Bank’s financial performance during the first quarter of 2017 is testimony to the success of these efforts, and we are confident that, moving forward, we will continue to further build upon them,” he said.
“Ithmaar Bank is one of the largest retail banking networks in Bahrain and enjoys a track record of genuine innovation and a reputation for excellence,” said Abdul Rahim.
“Faysal Bank Limited (Pakistan), subsidiary of the Ithmaar Bank continues to report growth in business and will be adding 50 new branches throughout Pakistan as part of its branch expansion plan in 2017 to exceed 400 branches,” said Abdul Rahim
In 2017, Ithmaar Bank updated and re-launched its prize-based saving account, Thimaar, to offer prizes totalling more than US$3 million to 4,000 winners who maintain a minimum deposit of only BHD30. In addition to the monthly draws and the special Thimaar Junior draws for minors, Ithmaar Bank introduced in 2017 additional draws, including loyalty, National Day, Eid, and Semi Annual draws.
Earlier this year, Ithmaar Bank, in partnership with Batelco and Arab Financial Services, also formally launched Bahrain’s first ever mobile payment solution, Easy Pay. The solution uses secure Near Field Communication (NFC) tags to eliminate the need for cash or cards by allowing customers to shop simply by tapping their mobile phones at Point of Sale (POS) machines. This marked a key milestone for the Bahrain retail market, potentially revolutionizing shopping experiences of the customers with secure, real-time payments now possible directly from their mobile phones.
Ithmaar Bank also launched a special promotional campaign in 2017 offering customers who applied for personal financing the chance to have their alternate instalments paid by the Bank for a full year. In line with its commitment to its customers, Ithmaar Bank renewed a joint promotion with Gulf Air that grants Ithmaar Bank cardholders discounted prices for tickets purchased on gulfair.com. Under this agreement, Ithmaar Bank Credit Card and eCard holders receive a 10 percent discount when purchasing Gulf Air tickets online.
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