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Bank ABC Islamic profit soars 25pc

Bahrain Business
Tue, 14 Nov 2017

MANAMA: Bahrain-based Bank ABC Islamic has reported a net profit of $21 million for the first nine months of 2017, 25 per cent higher than the net profit of $16.8m recorded during the same period in 2016.

Net profit for the third quarter was $5.9m as against $6.1m for third quarter 2016.

Total operating income for the first nine months rose by 20pc to $26.6m from $22.2m for the same period last year.

Operating expenses of $5.4m were slightly higher compared to $5.2m for the same period of last year.

Shareholders’ equity as of end-September stood at $328m, as against $307m at 2016 year-end.

The bank’s capital base remains very strong with a capital adequacy ratio of 29.1pc.

Bank ABC Islamic’s total assets stood at $1.644 billion as of end-September as against $1.634bn as of 2016 year-end.

Bank ABC Islamic managing director Hammad Hassan said: “We are pleased with the 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 as we move into 2018.”

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