Ismar Bank, an Islamic bank based in Bahrain, reported a profit for the nine months ended September 30, 2023.
This announcement by Prince Amr Al Faisal, Chairman of Ismar Bank, was made following the review and approval by the Board of Directors of the bank’s consolidated financial results.
As a result, net profit attributable to shareholders of the Bank for the three months ended September 30, 2023 was BD2.3 million, compared to net profit reported for the same period in 2022 of BD9.9 million. Shown. The main reason for the decrease is that revenue from discontinued operations was included as part of the previous fiscal year’s results. Gross profit for the three months ended September 30, 2023 was BD 4.8 million, while net profit for the same period in 2022 was BD 11.69 million.
The results also show that net profit attributable to shareholders for the nine months ended 30 September 2023 was BD 3.9 million, compared to BD 1,139 million for the same period in 2022. It was 10,000 BD. The decrease was primarily due to revenue from. Discontinued operations are part of the results of the previous period. Gross profit for the nine months ended September 30, 2023 was BD 10.12 million, compared to net profit for the same period in 2022 of BD 15.21 million.
Total revenue for the nine months ended September 30, 2023 increased by 19% to BD 200.01 million compared to BD 167.72 million for the same period in 2022. This was primarily due to an increase in the bank’s core earnings, partially offset by negative foreign exchange. The currency impact of the bank’s strategic investments during the period.
“On behalf of the Board of Directors of Ismar Bank, I would like to express my sincere gratitude that the Bank continues to report a net profit as the Bank continues to grow by focusing on providing products and services to meet the financial and investment needs of small and medium-sized enterprises. We are pleased to announce that this will not only be targeted at companies and institutions, but also medium-sized enterprises (SMEs),” Prince Amr said. “This is also due to the bank’s continued efforts and focus to achieve further growth of its core Islamic banking businesses in Bahrain and Pakistan and further enhance the value of its strategic investments,” he said.
Total assets were 2.13 billion BD as of September 30, 2023, a decrease of 7.8% compared to 2.31 billion BD as of December 31, 2022. This was mainly due to the currency impact during the period due to the Bank’s strategic investments.
Total owners’ equity increased to BD40 million as of September 30, 2023, an increase of 10.7% from BD36.12 million as of December 31, 2022, primarily due to current period profits.
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