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Ithmaar Bank posted a $29.5 million loss attributable to equity holders of the bank for the three month period ended September 30, 2009. This compares with a $20.5 million loss for the same period last year.
The announcement, by Ithmaar Bank CEO Mohamed Hussain, follows the review and approval, by the board of the directors of the bank's consolidated financial results for the nine month period ended September 30, 2009. During the nine month period, Ithmaar Bank reported a loss of $59.5 million attributed to shareholders equity. This compares with a profit of $60 million for the same period last year.
"The revenues from the core retail banking operations of the group continue to increase, expenses are being strictly controlled and this is very encouraging," said Mr Hussain, pictured right. "The overall performance has been impacted by prudent additional unrealised impairment provisions coupled with lower income from investment banking activities in these challenging market conditions."
