MANAMA: Bank ABC Islamic has reported 21.1 per cent increase in net profit for the first half of 2019 at $18.9 million compared with $15.6m reported in the first half of last year.
Total operating income rose to $22.3m, 8.1pc higher compared with the first six months of last year of $20.6m.
Operating expenses were $3.8m, 6.8pc higher compared with $3.6m for the same period of last year.
Net profit for the second quarter was $9.3m, 25.9pc higher than $7.4m reported in the second quarter of last year.
Total operating income for the three-month period rose to $11.1m, 16.6pc higher compared with the second quarter of last year of $9.6m.
Operating expenses were $1.9m, 12.4pc higher compared with $1.7m for the same period last year.
ABC Islamic Bank’s total assets stood at $1.703 billion as of end-June compared with $1.745bn at 2018 year-end.
Shareholders’ equity as of end-June stood at $347m compared with $352m at 2018 year-end.
The bank’s capital base remains very strong with a capital adequacy ratio of 34.3pc, predominantly Tier 1, which totalled 33.3pc.
Commenting, Bank ABC Islamic managing director Hammad Hassan said, “The positive momentum developed in the first quarter of the year has continued.”
“Year-on-year increase in total operating income of 8.1pc is healthy considering the market activity has continued to remain subdued. The overall improvement in net profitability has been possible due to more efficient use of balance sheet and proactive management of some exposures that contributed to higher credit costs in the same period last year.
“Our teams remain focused on quality origination, providing service excellence to our clients and on keeping the credit costs in check. Looking forward to maintaining this excellent performance as we progress ahead in the year,” he added.
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