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ABC Islamic Bank announces 106% increase in first quarter profit to US$3.2 million
2013-05-14

Naveed Khan

Naveed Khan,
Managing Director of
ABC Islamic Bank

Manama, Bahrain:
ABC Islamic Bank today announced a net profit of US$3.2 million for the first quarter of 2013 compared to US$1.6 million for the first quarter of last year.

Total operating income for the first quarter was US$4.1 million, compared to
US$3.4 million for the first quarter of last year. Operating expenses decreased to US$0.8 million compared to US$1.3 million for the same quarter of last year.

Shareholders’ equity at 31 March 2013 stood at US$239.2 million, compared to US$236 million at 2012 year-end. The bank’s capital base remains very strong with a capital adequacy ratio of 27.1%, predominantly Tier 1, which totalled 26.8%.

ABC Islamic Bank’s total assets stood at US$1.073 billion at the end of the first quarter compared to US$1.067 billion at 2012 year-end.

Commenting on the results, Mr. Naveed Khan, Managing Director of ABC Islamic Bank said, “The financial results for the start of the year are encouraging. The growth in operating income has come from a steady quality portfolio, supported by an increase in Fee and Commission income earned through leading syndicated transactions for customers in core target market countries. Improved efficiency has also resulted in lower operating expenses. We are hopeful that the rest of the year will see resumed balance sheet growth from an active deals pipeline.”

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