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Annual Reports
| 2020 Annual Report | | Bank ABC Islamic entered 2020 with an optimistic outlook following the exceptional performance it had in 2019, achieving double-digit growth in both total operating income as well as net profit. By the end of the first quarter, however, the COVID-19 pandemic had arrived, and the Bank had to swiftly adjust its focus to deal with the unprecedented challenges that came with it. “A year like no other” as described by the IMF, 2020 has had an indelible impact on the world and the financial services industry is no different. However, for Bank ABC Islamic, this exceptionally trying year has highlighted its formidable resilience. The disciplined execution that was followed in the delivery of our robust strategy, in line with the Group’s transformation journey, and its value drivers, enabled the Bank to endure these extreme conditions. | |
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| 2019 Annual Report | | Bank ABC Islamic performed exceptionally well in 2019
achieving double-digit growth in both total operating
income as well as net profit, with investments in new
products, expanded geographic coverage and reduction
in credit losses. These outcomes indicate that through
the robust execution of the Bank’s 3 year strategy, in
line with Group’s transformation journey, and its value
drivers, significant progress has been made during very
challenging economic conditions.
The headwinds that we had to overcome during 2019
included sluggish growth in the GCC throughout the
year and geopolitical concerns across the region that
continued to dampen confidence. The UAE and Saudi
Arabia, which are core markets, experienced low (yet
steady GDP growth) whilst, further afield, the devaluation
of the Turkish Lira and political environment in Turkey
subdued growth potential. Looking ahead we expect to
see lower demand for financing in Turkey set against a
backdrop of increased competition. | |
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| 2018 Annual Report | | Financial performance in 2018 maintained its positive trend, despite a difficult operating environment, Bank ABC Islamic grew its income
and profits. Business sentiment was subdued in our core GCC markets as the higher oil price that persisted for much of the year did not result in public sector spending, which has historically been the key driver for economic growth in the region. Even so, total operating income increased by 17.6 % while operating expenses decreased by 17%, resulting in a healthy 25.3% growth in net profit for the year.
Illustrating Bank ABC lslamic's robust growth, the balance sheet expanded by 11.9% to US$1.7 billion at the end of 2018, up from US$1.6 billion at the end of the previous year. By the Grace of God, the portfolio proved resilient and there were no credit-related (i.e. FAS 30 stage 3) provisions for the year. Capital base remained extremely strong, as shown by a capital adequacy ratio of 34%, well above the regulatory requirement of 12.5%. | |
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| 2017 Annual Report | | Financial performance for 2017 is an affirmation that investments made over the last few years are showing accretive results.
The originate-to-distribute model adopted earlier continued to show positive outcome without putting additional strain on the Bank’s balance sheet.
Total operating income increased by 17.6% while operating expenses increased by only 9.6%, resulting in a healthy growth of almost 12% in net profit, despite a very challenging year. | |
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| 2016 Annual Report | | Financial performance for 2016 has built on the good results shown in 2015. The de-risking process initiated in
late 2015 for vulnerable sectors in the regional economy allowed us the benefit of reshaping balance sheet with
higher yielding and lower risk weighted assets. Total balance sheet footings grew by 21.6% to $1.6 billion at
yearend with an actual decrease of 6.7% in Risk Weighted Assets. Total operating income increased by almost
12% while operating expenses were kept flat, resulting in a healthy growth of 16% in Net Profit, despite a very
challenging year. Most notably asset churn of $752 million, combined with lead managing Sukuk issues and Islamic
Syndications, contributed to boosting fee income while retaining a 20:80 proportion between fee and margin income
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| 2015 Annual Report | | Financial performance for 2015 has sustained the momentum of good results shown in 2014.
While successfully managing a moderate growth of Risk Weighted Assets, with only a one percent increase over last year, total operating income increased by a healthy 23%. This, combined with a controlled growth in total operating expenses of 7%, allowed Bank ABC Islamic to achieve a robust growth of 31% in net profit for the year of $19.7 million in 2015 compared to $15.1 million in 2014. | |
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| 2014 Annual Report | | The financial results of the Bank for 2014 are pleasing. There was a sizeable increase in assets through the year despite $ 310 million of run-offs with a large number of new customer accounts booked over the year, with year-end assets showing a 33% increase over last year. | |
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| 2013 Annual Report | | The financial results of the Bank for 2013 were pleasing all-round.
While we managed to maintain year-end assets for 2013 at nearly the same level as 2012, net profit of $12.2 million was 48% higher than the net profit for last year. | |
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| 2012 Annual Report | | Joint marketing with other product groups to leverage the Groups strengths in Project & Structured Finance, Trade and
Treasury has resulted in a healthy customer & transaction pipeline with a high rate of deal execution last year and marketing momentum carried forward into 2013. | |
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| 2011 Annual Report | | Against a volatile political backdrop for most of the year, the financial results of ABC Islamic Bank are very encouraging. Whilst our efforts continued to deleverage the statement of financial position in order to reduce concentrated exposure and timing adjustments in expense items, the underlying core profitability of the bank delivered a robust performance. | |
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| 2010 Annual Report | | ABC Islamic Bank’s core activity continues to be the provision of a range of Shari’a-compliant financial solutions to institutional and corporate clients in the Arab and Muslim world. | |
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| 2009 Annual Report | | Despite the unprecedented market volatility and provisions arising out of the private sector in Saudi Arabia, the bank managed to post a net profit of $10.1 million in 2009. | |
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| 2008 Annual Report | | ABC Islamic Bank’s core activity is the provision of a range of Shari’a-compliant financial solutions to institutional and corporate clients in the Arab and Islamic world and towards this corporate objective 2008 was another year of healthy growth. Despite the unprecedented market volatility, the bank enjoyed a record rise in operating revenues and profitability. | |
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| 2007 | | ABC Islamic Bank’s core activity is the provision of a range of Shari’a-compliant financial solutions to institutional and corporate clients in the Arab and Islamic world and 2007 was another year of well-diversified growth.The Bank’s balance sheet assets increased 66% year-on-year from $823 million to $1.4 billion. | |
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| 2006 | | The net profit for 2006 was US$5.3 million compared to US$3.7 million for 2005, while total assets rose from US$611 million to US$823 million. Milestones included the financing of the US$526 million Al Waha Petrochemical Complex, Saudi Arabia's first all Shari'a-compliant financing. | |
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Bank ABC Islamic announces first half 2021 net profit of US$19.2 million
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| Bank ABC Islamic announces first quarter 2021 net profit of US$10.4 million
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| Bank ABC Islamic announces 2020 year-end net profit to US$28.6 million
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