ABC Islamic Bank, a subsidiary of Bahrain-based Arab Banking Corporation, has posted a net profit of $12.2 million for 2013, up 48 per cent compared to the previous year.

Its net profit for the fourth quarter of the year was $3 million, an increase of 112 per cent than the same period the previous year, said a statement.

The bank’s total operating income grew 12.8 per cent to $18.1 million compared to $16 million in the previous year, while its operating expenses decreased by more than 20 per cent to $5.5 million.

Its shareholders’ equity as on December 31 stood at $248.4 million, compared to $236 million in 2012.

ABC Islamic Bank’s total assets stood at $1.002 billion, compared to $1.067 billion at the end of the previous year.

Commenting on the financial results, Naveed Khan, managing director, said: “We’re very pleased to present results for the year which are encouraging based on new customer acquisition and higher growth in our core target markets.

“The growth in operating income has come about from a gradual build-up in the asset portfolio, despite some lumpy repayments during the year, but accompanied by a healthy increase in fee and commission income. The financial results are a reflection of the transformation steps undertaken in conjunction with the group over the past years which are now starting to take firm root.” - TradeArabia News Service