ITHMAAR BANK B.S.C. (c)
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
ITHMAAR BANK B.S.C. (C)
Consolidated financial statements for the year ended 31 December 2022
Contents | Page | |
Report of the Sharia Supervisory Board | 3 - 4 | |
Directors' Report | 5 - 7 | |
Independent auditors' report | 8 | - 11 |
Consolidated statement of financial position | 12 | |
Consolidated income statement | 13 | |
Consolidated statement of changes in owners' equity | 14 | - 15 |
Consolidated statement of cash flows | 16 | |
Consolidated statement of changes in restricted investment accounts | 17 | - 18 |
Notes to the consolidated financial statements | 19 | - 80 |
ITHMAAR BANK B.S.C. (C)
Directors' Report for the year ended 31 December 2022
The Directors submit their report dealing with the activities of Ithmaar Bank B.S.C. (C) ("the Bank") for the year ended 31 December 2022, together with the audited consolidated financial statements of the Bank and its subsidiaries (collectively the "Group") for the year ended.
Principal activities
Ithmaar Bank B.S.C. (C) (the "Bank") was incorporated in the Kingdom of Bahrain on 12 May 2016 as a Closed Joint Stock entity and registered with the Ministry of Industry & Commerce under commercial registration number 99336-1 and was licensed as an Islamic retail bank by the Central Bank of Bahrain (the "CBB") on 14 August 2016. As part of reorganization of erstwhile Ithmaar Bank B.S.C (now Ithmaar Holding B.S.C.), the identified assets & liabilities were transferred to the Bank on 2 January 2017. On 7 July 2022, the sale of the consumer banking business of the Bank to Al Salam Bank B.S.C. (ASB) was completed.
The principal activities of the Group are a wide range of financial services, including commercial, investment banking and private banking.
Consolidated financial position and results
The consolidated financial position of the Group as at 31 December 2022, together with the consolidated results for the year ended is set out in the accompanying consolidated financial statements.
The Group has reported a net income of BD3.1 million for the year ended 31 December 2022 attributable to the equity shareholders of the Group, as compared to a net loss of BD0.51 million for 2021. Total assets at 31 December 2022 amounted to BD2,309.6 million (31 December 2021: BD3,327.5 million).
The consolidated Capital adequacy ratio of the Bank as at 31 December 2022 was 13.21% (31 December 2021: 12.90%) as compared to a minimum regulatory requirement of 12.5%. The Group's risk weighted exposures and eligible capital are set out in note 36 of the accompanying consolidated financial statements.
Directors
The following served as Directors of the Bank during the year ended 31 December 2022:
HRH Prince Amr Mohammed Al-Faisal (Chairman)
Tunku Yaacob Khyra
Mr. Mohammed A. Rahman Bucheerei
Dr. Amani Khaled Bouresli
Sheikh Mohamed Abdullah El Khereiji
Ms. Elham Ebrahim Hassan
Governor Abdelhamid Mohamed Abou Moussa (Resigned with effect from 28 September 2022)
Sheikh Zamil Abdullah Al-Zamil (Resigned with effect from 28 September 2022)
Mr. Abdulellah Ebrahim Al-Qassimi (Resigned with effect from 28 September 2022)
Mr. Omar Abdi Ali (Resigned with effect from 28 September 2022)
Directors' & Executive Management Remuneration
In accordance with the provisions of the Commercial Companies Law No. (21) of 2001 and its amendments, and pursuant to the provisions of Article No. (188) of the Commercial Companies Law and Article No. (125) of the Executive Regulations of Resolution No.
- for the year 2022, the table below shows the remuneration of members of the Board of Directors and the Executive Management for the fiscal year ended 31 December 2022.
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Ithmaar Holding BSC published this content on 21 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2023 09:59:05 UTC.