Manama, Bahrain: Bahrain-based ABC Islamic Bank today announced a net profit of US$14.4 million for the year to September 2007, an increase of 235% over the net profit of US$4.3 million for the comparable period last year. 

Total operating income reached US$17.9 million (2006: US$7.9 million). Net margin income at US$11.2 million was 115% higher than the US$5.2 million for the same period last year as a result of an increase in all asset categories. Other fees and commission income totalled US$6.7 million (2006: US$2.6 million).

The bank’s total assets amounted to US$1,389 million (2006 year end: US$823 million) with an increase in non-trading investments which stood at US$380 million (2006: US$267 million) mainly in Sukuks. Murabaha and Ijara assets increased to US$990 million (2006: US$546 million) as the lending portfolio continued to grow to meet customer demand.

Naveed Khan, Managing Director of ABC Islamic Bank said, “The surge in our operating results over the past three years clearly shows the achievements arising from our renewed

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 Sharia’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 existing and future customers 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.