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Ithmaar Bank, a Bahrain-based investment bank with global reach, announced a 91 per cent surge in its consolidated net profit for the quarter ended March 31, 2008, to a record $59.3 million (BD22.5 million).
This result, up from $31 million earned in the same period last year, comes as the bank and its subsidiaries and associates in the Middle East, Asia Pacific, Europe and North Africa continue their expansion into new markets.
The operating profit, meanwhile, nearly doubled, from $32.5 million to $62.9 million. Earnings per share increased to 1.51 cents per share, compared to the 1.07 cents per share in the corresponding period last year.
"We are pleased that Ithmaar Bank was able to sustain the momentum that has been building since it went public in 2006 and is able to report record results yet again. The bank has made substantial progress across the board, including in its private equity, fund management and advisory services," said Ithmaar Bank CEO and board member Michael P Lee.
At the end of the quarter, the bank's consolidated total assets stood at $4.5 billion, up 10 per cent from the end of 2007. Funds under management also recorded a steep hike of 18 per cent, rising by $300 million to $2 billion at the end of the first quarter.
"Our flagship subsidiaries and associates, which, together with Ithmaar Bank itself comprise the Ithmaar banking group, all did remarkably well in the first quarter. Our flagship subsidiary, Shamil Bank, now wholly owned by Ithmaar Bank following a share exchange late last year, has continued to perform strongly. It has launched several new products this year, including funds investing in real estate in Turkey and in Central and Eastern Europe, and its Shamil Jawaher offering, which is designed to offer profits that are better than those offered by traditional savings schemes," said co-CEO Mohamed Hussain.
"In the first quarter, our real estate development arm, Ithmaar Development Company, began implementing its $3.3 billion portfolio of projects, beginning with Dilmunia, its $1.6 billion 'health island' project, which is set to turn Bahrain into a centre for wellness and health tourism. Reclamation has started on the landmark project, which will be located off the northeast coast of Bahrain."
