Manama, Bahrain: ABC Islamic Bank today announced that its net profit for the first half of 2013 was US$6 million, 49% higher than the US$4 million recorded in the first half year of 2012. Total operating income grew to US$8.3 million, compared to US$7.4 million for the first half of last year. Operating expenses decreased to US$2.2 million, compared to US$2.7 million for the same period of last year.

Net profit for the second quarter was US$2.8 million, compared to US$3.2 million in the first quarter of 2013 but compared to US$2.5 million for the second quarter 2012 and represents a 13% increase over the same period last year.

Shareholders’ equity at 30th June 2013 stood at US$242.2 million, compared to US$236 million at 2012 year-end. The bank’s capital base remains very strong, with a capital adequacy ratio of 26.3%, predominantly Tier 1, which totals 25.6%.

ABC Islamic Bank’s total assets stood at US$1.173 billion at the end of the half year, 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: ”The financial results for the first half of the year are comforting. The growth in operating income has come about from a gradual build-up in our asset portfolio, accompanied by a healthy increase in fee and commission income. Efficiency improvements have also resulted in lowering operating expenses. We look forward to continue this positive trend for the remainder of the year.”