ABC Islamic Bank has posted a net profit of $6.1 million for the first quarter of the year, a 75 per cent increase compared to the same period last year.

High profile syndications and asset churn contributed to good growth in fee income assisted by a focus on debt capital market activity in conjunction with the group’s Capital Market team, said a statement.

The total operating income rose to $7.7 million, a 50 per cent growth over $5.2 million recorded in the first quarter of last year, it said.

The operating expenses were kept nearly flat at $1.6 million.

The shareholders’ equity at March 31, stood at $270 million, compared to $264 million at 2014 year-end, said the statement.

The bank’s total assets stood at $1.378 billion at the end of the first quarter compared to $1.328 billion at 2014 year-end.

Naveed Khan, managing director, said: ”Financial results for the start of 2015 are satisfactory. We had an exceptionally good quarter to start with, however lower oil prices and the possibility of slower economic growth in the region remain as challenges.

“Having made good investments in our team and product capability we remain cautiously optimistic about the year ahead.” - TradeArabia News Service