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Bank ABC Islamic Announces 40% Increase in Nine-Month Net Profit to US$16.1 Million
2015-10-26

Bank ABC Islamic today announced that its net profit for the first nine months of 2015 was US$16.1 million, 40% higher than the profit of US$11.4 million recorded in the first nine months of 2014. Total operating income rose to US$21.4 million, compared to US$16.5 million for the first nine months of last year. Operating expenses were US$5.1 million compared to US$4.8 million for the same period of last year.

Net profit for the third quarter was US$5.2 million 29% higher than the same period of previous year of US$4 million and also represents a 6.8% increase over the second quarter of 2015.  Total operating income for the quarter was US$6.9 million, compared to US$5.8 million for same period last year. Operating expenses were kept at the same level of last year of US$1.7 million.

Shareholders’ equity at 30th September 2015 stood at US$280 million, compared to US$264 million at 2014 year-end. The bank’s capital base remains very strong with a capital adequacy ratio of 23.6%, well above the regulatory minimum of 12.5%.

Bank ABC Islamic total assets stood at US$1.508 billion at the end of the third quarter compared to US$1.328 billion at 2014 year-end.

Commenting on the results, Mr. Naveed Khan, Managing Director of Bank ABC Islamic said, ”Balance sheet growth of 14% for the first nine months of the year, accompanied by a 30 % increase in total operating income is encouraging, considering this was achieved by retaining a 25:75 ratio of fee to margin income. The focus this year has been on asset churn/distribution and debt capital markets in conjunction with the Parent Group which has shown good results and has positioned us well for a potential regional slowdown on account of lower oil prices.”

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