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Ithmaar Bank reported a profit attributable to the shareholders for the third consecutive quarter, and announced year-to-date profits of $11.1 million as compared to a loss of $80.3 million during the same period last year.
The announcement, by Ithmaar Bank chairman Prince Amr Mohammed Al Faisal, pictured right, follows the review and approval, by the bank's board of directors, of the bank's consolidated financial results for the nine month period ended September 30.
"I am pleased to report that the bank continues to report profits, despite challenging market conditions," said Prince Amr. "The bank's year-to-date results indicate that our core retail and corporate banking activities remain a stable source of recurring income and that costs are under control."
Ithmaar Bank chief executive and board member Mohammed Bucheerei said that, following its transformation into an Islamic retail-focused bank, Ithmaar has focused on further diversifying its liquidity base by strengthening its interbank and institutional relationships and on growing its customer accounts by launching new customer-focused products and services.
