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ABC Islamic Bank reports first quarter profit of US$6.8 million

Manama, Bahrain: ABC Islamic Bank today announced the bank’s net profit for the first quarter of 2008 of $6.8 million. This is an increase of 98.5% over the net profit for the same period last year.

Total income reached $8.34 million (2007: $4.62 million), while fee income of $2.33 million increased by 123% over the same period last year. Operating expenses of $1.5 million increased only by 29% for the same period of last year, attributable to additional staff hired to develop the Bank’s growing business lines.

ABC Islamic Bank’s total assets amounted to $1.45 billion, an increase of 6.3% over the total assets for the year ended December 31, 2007.

Commenting on the results, Mr. Naveed Khan, Managing Director, said, “The results are a solid consolidation of the record results reported last year by ABC Islamic Bank against the backdrop of continuing global and regional uncertainty and is a testament to the team work and talent inducted into the bank over the past few years.

“We have to be mindful of some of the structural imbalances and liquidity issues which the market is facing moving forward, but feel very optimistic that these challenges will be met adequately, and in line with shareholder expectations,” he concluded.

About ABC Islamic Bank 

Arab Banking Corporation (ABC) launched its Islamic Banking Division through ABC Investment & Services Co. (E.C.) a wholly-owned subsidiary, based in Bahrain in 1987. The objective was to establish a leading Islamic banking unit, which conformed completely to Shari’a principles.

In March 1998 ABC Investment & Services Co. (E.C.) was converted into a fully fledged Islamic entity and was consequently renamed ABC Islamic Bank (E.C.), with the express purpose of reassuring customers and counterparties of the continued purity and integrity of its Islamic products and services. ABC Islamic Bank is supported by the ABC Group’s extensive global network, which includes ABC IB Islamic Asset Management in London in addition to ABC branch offices, subsidiaries and affiliates across the globe.


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