ABC Islamic profit up
Manama, February 27, 2013
ABC Islamic Bank posted a net profit of $8.3 million for the year 2012, compared to $8.1 million the previous year.
Total operating income amounted to $16 million, 6 per cent higher than last year of
$15.1 million. Operating expenses increased by $0.8 million to $6.9 million, resulting in cost to income ratio of 43.3 per cent, compared to 40.8 per cent in last year, mainly due to higher staff expenses related to compensation scheme.
Impairment provision of $0.5 million for regional exposure taken during the year was at the same level as of last year. Net profit for the fourth quarter was the same as of last year of $1.4 million, it said.
ABC Islamic Bank’s total assets stood at $1.067 billion, compared to $1.035 billion at 2011 year-end.
Naveed Khan, managing director of ABC Islamic Bank said: ”The financial results for 2012 are encouraging. Although net profit is marginally higher most of the growth this year has come from core earnings with a good mix of fee income and spreads. We remain optimistic about future opportunities arising from Islamic Banking finding great favour among markets emerging from the Arab Spring of 2011.” – TradeArabia News Service