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ABC Islamic posts $6m net profit in H1

Manama, July 29, 2013

ABC Islamic Bank has posted a net profit of $6 million for the first half of the year, 49 per cent higher than that of the same period in 2012.

Total operating income increased to $8.3 million, compared to $7.4 million for the first half of last year. Operating expenses decreased to $2.2 million, compared to $2.7 million for the same period of last year.

Net profit for the second quarter was $2.8 million, compared to $3.2 million in the first quarter, but a 13 per cent increase over the same period last year.

Shareholders’ equity as on June 30 stood at $242.2 million, compared to $236 million at end of 2012.

The bank’s total assets stood at $1.173 billion at the end of the half year, compared to $1.067 billion at 2012 year-end.

Naveed Khan, managing director, said: “The financial results for the first half of the year are comforting. The growth in operating income has come about from a gradual build-up in our asset portfolio, accompanied by a healthy increase in fee and commission income."

"Efficiency improvements have also resulted in lowering operating expenses. We look forward to continue this positive trend for the remainder of the year,” Khan added. - TradeArabia News Service

Tags: increase | Bank | ABC Islamic | Net Profit | High | First half |

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