Ithmaar Bank reports 115 per cent increase in profits

13 August 2008
Bahrain’s Ithmaar Bank has reported a profit of $141.9m for the first six months of the year, a 115 per cent increase compared to the same period in 2008.

The bank says the increase was due to rising investment income and its involvement in a number of high-profile transactions, including the launch of a new real estate and infrastructure development company called Naseej.

Income from investments totalled $139m, while financing income was $91m and fee income was $28.8m.

Total assets held by the bank grew by 14.4 per cent to $4.7bn, and the cost-income ratio remained at 37 per cent.

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