Ithmaar Bank, a Bahrain-based Islamic retail bank, reported today (ed note: 13/11/12) overall growth in core business for the year but reported a net loss after recognizing prudent impairment provisions. The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Mohamed Al Faisal, followed the review and approval, by the Board of Directors, of the Bank’s consolidated financial results for the nine month period ended 30 September 2012.
The results show a net loss of $15.6 million for the nine month period as compared to a net profit of $6.7 million for the same period last year. This is despite operating income increasing 14.21 per cent to $161.9 million for the period.(Press Release)