Flip through the latest issue of Gulf Weekly.
Outlining year end results, Ithmaar Bank CEO Michael P Lee, said 2008 was a positive year for the bank, its subsidiaries and associates.
Lee also announced that, following shareholder approval, one bonus share will be issued for every 10 shares held by transferring $54.36 million (BD20.47 million) from the share premium to the capital account. The bank reported $85.2 million in consolidated profits for 2008. Ithmaar also reported significant growth in both its total assets and its funds under management, and said its balance sheet remains strong, with liquid assets at $1.3 billion.
Mr Lee said: "The areas in which we continued in 2008 to develop our strategic new lines of direct business at Ithmaar Bank, private equity, investment banking and, to a lesser extent, capital market products, are ones that continue to interest investors in the GCC and in Asia."
