ABC Islamic Bank has posted a new profit of $11.4 million for the first nine months of the year, an increase of 25 per cent as compared to the same period last year.

Its total operating income rose to $16.5 million, compared to $13 million for last year, said a statement.

The operating expenses increased to $4.8 million compared to $3.6 million for the same period of last year.

Meanwhile, the net profit for the third quarter was $4 million, 25 per cent higher than the previous year of $3.2 million.

The banks total assets stood at $1.2 billion at the end of the third quarter, compared to $1 billion at 2013 year-end.

Naveed Khan, managing director, said: “We are satisfied with the financial results for the first nine months of the year. The 27 per cent growth in operating income is a direct result of our sustained build-up in customer relationships.

“Margin income is accompanied by a healthy increase in fee and commission income. We are hopeful that the rest of the year will see further consolidation on positive momentum built up so far in 2014.” - TradeArabia News Service