Ithmaar Bank, a Bahrain-based Islamic retail bank, Saturday reported a net profit of $7.62 million for the first quarter of 2015, a 261 percent increase over the $2.11 million net profit reported for the same period last year.

Net profit attributable to equity holders of the bank for the first quarter of 2015 was $2.64 million, a 426 percent increase over the $ 0.5 million profit reported for the same period last year.

The announcement by Ithmaar Bank Chairman Prince Amr Al-Faisal follows the review and approval by the board of directors of the bank’s consolidated financial results for the three-month period ended March 31, 2015.

“On behalf of the board of directors, I am pleased to announce that Ithmaar Bank’s business continues to grow and the first quarter financial results reflect the improvement in the bank’s financial performance,” said Prince Amr.

“The bank’s operating income has significantly increased by almost 46 percent to $ 83.34 million for the first quarter of 2015, from $57.13 million for the same period last year. This increase is mainly due to overall revenue growth, with net income, before provisions for impairment and overseas taxation, for the period increasing 292 percent to $34.4 million,” he said.

“Total expenses of $48.94 million for the three-month period ended March 31, 2015, are near constant compared to $ 48.35 million for the same period last year, due to cost control measures, which started in 2014 both in Bahrain and in Faysal Bank Ltd., Pakistan,” said Prince Amr.

“I am also pleased to report that the balance sheet continues to be stable with the equity of unrestricted investment account holders growing to $2.09 billion as at March 31, 2015, an increase of 4.18 percent compared to $ 2 billion as at Dec. 31, 2014,” Prince Amr added.

Ithmaar Bank CEO Ahmed Abdul Rahim said the bank’s focus on retail business has resulted in improved financial results for the first quarter of 2015.

“Total assets grew to $8.06 billion as at March 31, 2015, an increase of 7.18 percent compared to $7.52 billion as at March 31, 2014, and increase of 2.49 percent compared to $7.86 billion as at Dec. 31, 2014,” said Rahim. “Liquid assets now represent 12.7 percent of the balance sheet compared to 11.3 percent as at Dec. 31, 2014,” he added.