Ithmaar Bank posts net profit of $7.62 million

Ithmaar Bank, a Bahrain-based Islamic retail bank, has reported a net profit of $7.62 million for the first quarter of 2015, a 261 per cent increase over the $2.11m net profit reported for the same period last year. Net profit attributable to equity holders of the bank for the first quarter of 2015 was $2.64m, a 426pc increase over the $0.5m profit reported for the same period last year. The bank's operating income has increased by almost 46pc to $83.34m for the first quarter of 2015, from $57.13m for the same period last year. This increase is mainly due to overall revenue growth, with net income, before provisions for impairment and overseas taxation, for the period increasing 292pc to $34.4m.