Announcing the results chairman
Net profit for the fourth quarter stood at
Total operating income was
"These results undoubtedly demonstrate the bank's ability to perform in relatively challenging conditions whilst continuing with a conservative approach in the current market environment towards impairment provisioning in line with regulatory requirements," they said.
"The net income achieved was due to astute investment banking activities, specifically opportunistic and perceptive investment returns made from a well managed portfolio of sukuk and equities with a diversified and balanced investment approach and fee income earned from bank's advisory services.
"The portfolio based activities witnessed an approximately 25pc growth. The bank's balance sheet continues to see significant improvement in terms of asset quality and liquidity," they said. "Furthermore, the shareholders' equity rose by 7.12pc from
They said markets are stabilising from the after effects of volatility stirred up by expected changes in monetary policy and economic stimulus.
"Although a challenging environment lies ahead, the coming year may continue to present opportunities to alert investors and positive growth may be obtained if volatility levels are taken into account," they said. "Based on the bank's track record and current performance along with the continued shareholder support and experienced management team, we believe that we are well prepared for the coming year," they said.
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