Ithmaar Bank's strategic initiatives start yielding results

Bahrain-based Ithmaar Bank has announced that the strategic decisions taken by the Bank's Board of Directors early in 2014 have already started yielding results. The decisions, which aimed at turning the Ithmaar Group around by significantly transforming operations, included initiatives for increased revenue, improved margins, divestment of non-core assets and cost reductions across the Group. Ithmaar Bank 's financing business in Bahrain increased by 23 percent to US$914 million at the end of 2014. This growth in 2014 was driven mainly by Home Financing and Personal Financing. Similarly, total customer current accounts, savings accounts, Thimaar and URIA deposits, increased by 11 percent in 2014.