Bahrain-based ABC Islamic Bank today announced a net profit of $14.4 million for the year to September 2007, an increase of 235 per cent over the net profit of $4.3 million for the comparable period last year. 

Total operating income reached $17.9 million (2006: $7.9 million). Net margin income at $11.2 million was 115 per cent higher than the $5.2 million for the same period last year as a result of an increase in all asset categories. Other fees and commission income totalled $6.7 million (2006: $2.6 million).

The bank’s total assets amounted to $1.389 billion (2006 year end: $823 million) with an increase in non-trading investments which stood at $380 million (2006: $267 million) mainly in sukuks. Murabaha and Ijara assets increased to $990 million (2006: $546 million) as the lending portfolio continued to grow to meet customer demand.

Naveed Khan, managing director of ABC Islamic Bank said: “The surge in our operating results over the past three years clearly shows the achievements arising from our renewed

ABC Islamic Bank is a division of Arab Banking Corporation (ABC). – TradeArabia News Service