Ithmaar Holding profit at $4.81m

Manama : Ithmaar Holding has reported a net profit of $4.81 million for the first quarter ended March 31, 2018, a decrease of 16.9 per cent compared to $5.79m recorded for the same period in the previous year quarter.

Net profit attributable to the equity holders for the quarter jumped 187.8pc to $1.66m from $0.58m reported in the same period in 2017. Earning per share (EPS) rose to US cents 0.06 from 0.02 in the year ago quarter. The results, Ithmaar Holding Chairman Prince Amr Al Faisal said, show that the unwavering focus on core retail banking business continues to pay off.

“Our total income for the three-month period ended March 31, 2018 increased to $112.42m, a 5.6pc increase from the $106.49m reported for the same period last year, mainly due to income from investments,” he said.

“Consequently, our operating income increased to $72.16m, a 5.6pc increase from the $68.34m reported for the same period last year,” he said.