MANAMA: Bank ABC Islamic yesterday announced that its net profit for the first half of 2018 was $15.6 million, three per cent higher than the net profit of $15.1m reported in the first half of 2017.
Second-quarter 2018 net profit of $7.4m was lower than last year’s net profit of $8.7m, mainly due to one-off fee income from gain on sale of investment in Q2 2017, said the bank.
Total operating income rose to $20.6m, compared with $19m for the first half of last year. Operating expenses were $3.6m, slightly lower than $3.7m for the same period last year.
Shareholders’ equity at June 30 stood at $335m, compared with $333m at 2017 year-end. The bank’s capital base remains very strong with a capital adequacy ratio of 30.5pc, it said.
ABC Islamic Bank’s total assets stood at $1.749 billion as of June 30, 2018 compared with $1.559bn at 2017 year-end.
Bank ABC Islamic managing director Hammad Hassan said: “We welcome the healthy growth of 12pc in the bank’s balance sheet during the first half of the year. Despite volatility in emerging markets over the last few months, resulting in subdued transactional activity, the bank was able to generate a very positive business momentum. Total operating income (before allowances for credit losses) has shown growth of 8pc on year-on-year basis, and looking forward, the coverage team has a good transaction pipeline. Subject to improvement in markets post summer, we are hopeful of sustained performance during rest of the year.”
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