Ibdar Bank first-half revenues surge 51pc

Ibdar Bank, a Bahrain-based wholesale Islamic investment bank, has reported an increase of 51 per cent in total revenues at $11.1 million for the six months ended June 30, when compared with the same period last year. A statement by the bank said total profits for the period increased by 79pc to $2.54m after an impairment charge of $2.2m relating to legacy assets. Excluding these one-off charges, said the bank, it achieved improved profitability of $4.72m when compared with $1.96m in the first half last year.