Manama, Bahrain: Bank ABC Islamic today
announced that its net profit for the first nine months of 2017 was US$21 million,
25% higher than the net profit of US$16.8 million recorded in the first nine
months of 2016. Net profit for the third quarter was US$5.9 million compared to
US$6.1 million for third quarter 2016.
Total operating income rose to US$26.6
million, 20% higher compared to the first nine months of last year of US$22.2
million. Operating expenses of US$5.4 million were slightly higher compared to
US$5.2 million for the same period of last year.
Shareholders’ equity at 30th September 2017
stood at US$328 million, compared to US$307 million at 2016 year-end. The
Bank’s capital base remains very strong with a capital adequacy ratio of 29.1%.
Bank ABC Islamic’s total assets stood at
US$1.644 billion as of September 30, 2017 compared to US$1.634 billion at 2016
Commenting on the results, Mr. Hammad Hassan,
Managing Director of Bank ABC Islamic, said, “We are pleased with the Bank’s
performance in the first nine months. Despite subdued economic environment in
our target markets, our focused approach to balance sheet use, new customer
acquisition and leverage on ABC Group’s product expertise and our footprint
made this achievement possible. I look forward to continuation of similar
momentum over the coming months and as we move ahead in to 2018.”