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Ithmaar Bank announced that it had made $125.6 million in consolidated profits for the nine month period ended September 30, 2008 - more than 60 per cent increase over profits reported during the same period last year.
The interim results also show significant increases in the bank's operating income, its total assets and its funds under management.
"Our operating income has increased significantly during the nine month period ended September 30, 2008," said Ithmaar Bank CEO Michael P Lee. "The operating income during the current period was $254.1 million - an increase of more than 45 per cent over our corresponding 2007 performance," he said.
"The results also show a 30 per cent increase in the bank's consolidated total assets, which grew from $4.1 billion, as at December 31, 2007, to $5.3 billion, as at September 30, 2008," said Mr Lee.
"In the past nine months, we announced major initiatives," said Ithmaar Bank co-CEO Mohamed Hussain. "Our development arm, the Ithmaar Development Company, for example, announced that its flagship development, Dilmunia, was fast taking shape," he said.
"In August, we created an alliance with Gulf Finance House and Abu Dhabi Investment House, and together announced three visionary new initiatives," said Mr Hussain. "The Vision 3 initiatives consist of InfraCapital, the GCC's first investment bank specialising in the provision of tailored infrastructure development and finance, and AgriCap , a new investment vehicle focused on serving agricultural ventures and communities, as well as the Hospitality Development Fund."
