MANAMA - Bahrain-based Ithmaar Bank ITHMR.BH said on Sunday first-quarter profit jumped more than three-fold on higher income from investments.
The Islamic investment bank made $32.9 million in the three months to March 31, compared with $9.4 million in the year-earlier period.
Income from investments surged to $43.6 million from $709,000 a year earlier, the bank, which manages $1.2 billion in funds, said.
Ithmaar, which earned $5.3 million in fee income in the quarter, said diversifying its investments across the Middle East, Europe and Asia was driving profit growth.
Assets grew 9.4 percent to $3.5 billion, the bank said.
The lender, which invests in banking, financial services and real estate sectors, operates underwriting, private equity and project financing businesses.
Shares of Ithmaar, which dropped 1.04 percent on Sunday, have fallen more than 17 percent this year.