News Column

ABC Islamic posts $3.5m profit

May 12, 2014

MANAMA: Bahrain-based ABC Islamic Bank yesterday reported nine per cent increase in its net profit for the first quarter this year at $3.5 million, compared with $3.2m reported in the first quarter of last year.

Total operating income rose 26pc to $5.2m compared with $4.1m earlier.

Operating expenses increased to $1.6m compared with $800,000 for the same quarter of last year.

Shareholders' equity as of March 31 stood at $252m, compared with $248m at 2013 year-end.

ABC Islamic Bank managing director Naveed Khan said the financial results for the start of the year were encouraging.

"There was a 26pc growth in overall operating revenues compared with the same period last year.

"However a large one-off credit to expenses last year showed a 9pc increase in net profit this year," he said.

"Fee and commission income also saw 53pc increase compared with the first quarter last year.

"Revenue lines remain buoyant and we are hopeful that the rest of the year will see further consolidation on positive momentum built up last year," Mr Khan added.

"The capital base remains very strong with a capital adequacy ratio of 26.9pc, predominantly tier 1, which totalled 26.5pc.

ABC Islamic Bank's total assets stood at $1.13 billion at the end of the first quarter compared with $1.002bn at the end of last year.

ABC Islamic Bank is a wholly owned subsidiary of Arab Banking Corporation.

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Source: Gulf Daily News (Bahrain)

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