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ABC Islamic Bank announces 75% increase in third quarter profit to US$2.8 million
2012-10-24

Naveed Khan

Naveed Khan,
Managing Director of
ABC Islamic Bank

Manama, Bahrain: ABC Islamic Bank today announced that its net profit for the third quarter was US$2.8 million, 75% higher than third quarter 2011 of US$1.6 million, and 15% higher than second quarter of 2012 of US$2.4 million. Total operating income amounted to US$4.3 million compared to US$ 4 million for the second quarter of 2012. Operating expenses were kept nearly flat at $1.4 million. Net profit for the first nine months of 2012 was US$6.8 million compared to US$6.7 million for the same period in 2011.

Shareholders’ equity at 30 September 2012 stood at US$234.6 million, compared to US$231.8 million at the end of the second quarter. The bank’s capital base remains very strong with a capital adequacy ratio of 25.9%, predominantly Tier 1, which totalled 25.2%.

ABC Islamic Bank’s total assets stood at US$1.123 billion at 30 September 2012 compared to US$1.047 billion at the end of the second quarter.

Commenting on the results, Mr. Naveed Khan, Managing Director of ABC Islamic Bank said, ”We are pleased to see that our resumption of growth coincides with an uptick in economic activity across our target markets and the region confirmed by higher loan demand from customer segments. We are also pleased that the growth in results has come mostly from core earnings this year. New transactions undertaken have led to overall higher margin income while regional distribution of assets originated in non-presence countries has contributed healthy fee income. We are cautiously optimistic that this momentum will feed through into the next quarter as well and beyond into the year ahead.”

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