Manama: Bahrain-based wholesale Islamic Investment bank, Ibdar Bank, has reported US$1.01 million in net profit for the year ended December 31, 2017 marking the bank’s return to profitability for the first time since 2014.
Net profit attributable to shareholders amounted to US$0.86m, for Q4 2017 Ibdar has recognized US$0.73 million as net profit attributable to shareholders.
The bank achieved a net profit of US$1.01m, total revenues of US$17m and operating income of US$2.9m for fiscal year 2017. Ibdar attributed the results to successful exits from assets, operational revenues from real estate products, and internal streamlining and restructuring.
Commenting on the results, Ibdar Bank Chairman, Tareq Sadeq said: “The bank has a clear business strategy and an experienced team, and I am confident that the new partnerships and business lines formed during 2017 are set to further positively impact the bottom line in 2018 and beyond.”
Chief Executive Officer, Ayman Sejiny, said: “We have implemented a turnaround strategy and are laying the foundation to become an Islamic finance leader based on digitisation and the use of the latest Fintech, and as such the Bank has set out a comprehensive plan to engage FinTech and cater to the needs of a Global Islamic Digital Economy (GIDE).”
In 2017, the bank acquired the Headquarters of Amazon Robotics, a wholly owned subsidiary of Amazon Inc., sold a further three Q400 aircraft, marking the fourth aviation exit by the Bank within the last two years totaling 9 planes, monetized non-performing assets, and laid the foundation for the offering of Shari’ah compliant products and services for family offices and Awqaf entities.
Looking ahead, Sadeq said that the bank will continue to enhance its operating profitability in 2018 by “building on Ibdar’s track record and execution platform.”
“I am confident that the Bank is well placed to deliver the right opportunities to our investors, and build its reputation as one of the regions’ most ethical, innovative and results-driven Islamic financial institutions,” he added.