Manama, Bahrain: ABC Islamic Bank today announced that its net profit for the first nine months of 2013 was US$9.2 million, 34% higher than the US$6.8 million recorded in the first nine months of 2012. Net profit for the third quarter was US$3.2 million, 13% higher than the previous year and also represents a 15% increase over the second quarter of 2013. Total operating income for the third quarter grew to US$4.7 million, compared to US$4.3 million for the third quarter of last year. Operating expenses were kept at the same level of last year of US$1.4 million.

Shareholders’ equity at 30^th September 2013 stood at US$245.4 million, compared to US$236 million at 2012 year-end. The bank’s capital base remains very strong, with a capital adequacy ratio of 26.2%, predominantly Tier 1, which totals 25.1%.

ABC Islamic Bank’s total assets stood at US$1.078 billion at the end of the third quarter, compared to US$1.067 billion at 2012 year-end.

Commenting on these financial results, Mr. Naveed Khan, Managing Director of ABC Islamic Bank said; financial results for the first nine months of the year are encouraging based on new customer acquisition and balance sheet growth. The growth in operating income has come about from a gradual build-up in asset portfolio, notwithstanding lumpy repayments, accompanied by a healthy increase in fee and commission income. We remain optimistic looking forward.