Bank ABC Islamic delivered robust performance in 2022, closing the year with net profit of $38.8 million, representing 29.8 per cent improvement year-on-year from $29.9m in 2021.
Net profitability as well as total operating income saw double-digit growth compared to last year.
High profit rate environment and stable performance of client business resulted in 15.3pc growth in total operating income compared to last year.
The bank performed very well in 2022 and has been recognised as the MENA Islamic Finance Bank of the year by MEED, for its innovative approach to Sharia-compliant banking and consistent performance with a clear client-centric focus.
Net profit for the fourth quarter was $9.1m compared to $3.2m reported in the fourth quarter of last year.
Net operating income before credit losses was $14m compared to $8.8m for the same period of last year.
Allowances for credit losses for the period were a charge of $2.4m compared to $2m reported during the same period last year.
Operating expenses were $2.4m, compared to $3.5m for the same period of last year.
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