Thursday 21 March 2019

Bank ABC Islamic Q1 net profit up 28pc

MANAMA, May 15, 2018

Bahrain-based Bank ABC Islamic has posted a net profit of $8.2million for the first quarter of the year 2018, 28 per cent higher than the net profit for the comparable period last year of $6.4 million.

Total operating income rose to $11 million, 29 per cent growth over $8.6 million recorded in the first quarter of last year. Operating expenses were lower at $1.85 million, compared with $ 2.1 million for the same period last year.

Shareholders’ equity at 31 March 2018 stood at $328 million, compared to $333 million at 2017 year-end, reduction of 1.5 per cent mainly on account of FAS 30 implementation, which the Bank adopted on the first of January 2018. The Bank’s capital base remains extremely strong with a capital adequacy ratio of 31.3 per cent, well above the regulatory minimum of 12.5 per cent.

Bank ABC Islamic’s total assets at 31 March 2018 stood at $1.653 billion, compared to $1.559 billion at the 2017 year-end.

Hammad Hassan, managing director of Bank ABC Islamic, said: “The first quarter results are reflective of continuation of positive marketing momentum from last year. The coverage team in collaboration with various product partners has been able to successfully conclude several capital market transactions, as well as originate new bilateral relationships.  Our ability to provide end to end solutions to our clients and effective use of balance sheet through asset churn have been accretive for the bank’s bottom line.”

“Whilst there is some volatility in the markets that we operate, we are confident of sustained performance during the year on account of our prudent approach towards risk management and the continued momentum of coverage and product teams,” he added.  – TradeArabia News Service

Tags: Q1 net profit | Bank ABC Islamic |

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