Bahrain-based Bank ABC Islamic has posted a net profit of $9.6 million for the first quarter (Q1) of the year, 16.8 per cent higher than the profit of $8.2 million reported in Q1 2018.
Net operating income rose to $11.6 million, 13.9 per cent higher compared to the first three months of last year of $10.2 million. Operating expenses were $1.9 million compared to $1.8 million for the same period of last year.
Hammad Hassan, managing director of Bank ABC Islamic, said: “The first quarter results are strong, considering the continuing general economic slowdown in our core markets. While demand for new financing by corporates and financial institutions remained low, capital markets activity in MENAT witnessed a healthy start in Q1 2019. The bank in collaboration with capital markets team of the Group was active in this area and successfully concluded a high profile sovereign Sukuk mandate.” – TradeArabia News Service