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Ithmaar Bank this week announced a record net profit of $188.3 million for the year ended December 31, 2007, as the consolidated earnings, (including minority interest) from its operations and that of its subsidiaries and associates continued their upward trend.
Operating income also increased by 173 per cent to $339.5 million. These results compare with a $181.1 million net profit for 2006. Return on average equity remained strong, at 15.6 per cent, and the capital adequacy ratio of 25.79 per cent was well above the CBB requirement of 12 per cent.
"We are pleased to report that Ithmaar Bank's balance sheet remains strong. Net profits continued to rise, even when compared to last year's results which benefited from an extraordinary gain," said Ithmaar Bank chairman, Khalid Abdulla-Janahi.
"The Ithmaar banking group, which Ithmaar Bank spearheads, further expanded business volume and the scope of services it offers.
It also widened its business coverage of the Middle East, North Africa, Europe, South Asia, and Asia-Pacific region.
Despite this swift expansion, the cost-to-income ratio, which was always well within industry standards, actually improved from 42.1 to 41.1 per cent," he added.
