MANAMA: In spite of the global financial downturn Bahrain-based Ithmaar Bank was comfortably in the black in the first quarter of the year.
The Bahrain-based Islamic finance house made $16.4 million in profit during the period and the net profit attributable to equity holders of the bank amounted to $3.8m.
The announcement, made by Ithmaar Bank chief executive officer and director Michael P Lee, follows the review and approval, by the board yesterday of the bank's consolidated financial results for the three-month period ended on March 31.
At the Ithmaar Bank annual general meeting, which was held in Bahrain in March this year, the board had stressed the importance of further enhancing liquidity.
Mr Lee highlighted that, at March 31 liquidity, measured in terms of cash and cash equivalents held by the bank amounted to $1.5 billion, or about 25 per cent of the total assets.
"It has been, by any measure, a successful quarter for Ithmaar Bank, its subsidiaries and its associates," said Ithmaar Bank co chief executive officer and director Mohamed Hussain.
"Our achievements, made all the more significant by current market conditions, illustrate our commitment to our shareholders and stand testimony to our ability to deliver, despite the challenges, consistently solid results."
"They also allow us to best capitalise on the opportunities that arise as global markets begin to recover and we look forward to the challenges that lie ahead," he added.