MANAMA, 12 February 2007 — Ithmaar Bank shares enjoyed a strong start, following the bank’s debut on the Bahrain Stock Exchange last year.
Investor confidence sent the bank’s stock soaring nearly 40 percent by 2006-end, from the time of its listing on the BSE on June 4, 2006, outperforming several competitors and the broader market. The stock was, by far, among the largest gainers in a fairly abysmal environment.
At 2006-end, Ithmaar Bank outperformed the rest of the banks in its sector by more than seven times in terms of share turnover.
“We are delighted by the performance of Ithmaar stock in a market that was marked by considerable weakness almost throughout the year,” said a bank spokesman.
Ithmaar’s stock opened at $1.65 in June 2006, closing at a high of $2.30 at year-end, posting a total gain of 39.39 percent. In contrast, the BSE Investment Sector Index, which includes Ithmaar Bank, declined 8.19 percent during 2006, while the Bahrain All Share Index rose less than 1 percent and the Dow Jones Bahrain Index grew 2.54 percent. Over 37 million Ithmaar shares, worth $76 million, were traded during the six months of 2006 that the stock was listed on the BSE.
“We are upbeat about 2007. Investor sentiment in general is positive and the Ithmaar brand is solid. Last year was a strong demonstration of investor confidence in Ithmaar and we believe the Ithmaar stock will remain compelling in the months to come,” said the spokesman. Ithmaar’s third-quarter 2006 net profits soared to $161.7 million, compared to $20 million at September-end 2005.
