Bank ABC Islamic today announced a first half net profit of $18.9 million, 21.1% higher than the profit of $15.6 million reported in the first half of last year.

 

Total operating income rose to $22.3 million, 8.1% higher compared to the first six months of last year of $20.6 million.

 

Operating expenses were $3.8 million, 6.8% higher compared to $3.6 million for the same period of last year, the bank said.

 

Net profit for the second quarter was $9.3 million, 25.9% higher than the profit of $7.4 million reported in the second quarter of last year. Total operating income rose to $11.1 million, 16.6% higher compared to the second quarter of last year of $9.6 million.

 

Operating expenses were $1.9 million, 12.4% higher compared to $1.7 million for the same period of last year.​

 

ABC Islamic Bank’s total assets stood at $1.703 billion as of June 30, 2019 compared to $1.745 billion at 2018 year-end. Shareholders’ equity at June 30, 2019 stood at $347 million compared to $352 million at 2018 year-end.

 

The bank’s capital base remains very strong with a capital adequacy ratio of 34.3%, predominantly Tier 1, which totalled 33.3%.​

 

Hammad Hassan, managing director of Bank ABC Islamic, said: “The positive momentum developed in the first quarter of the year has continued. Year-on-year increase in total operating income of 8.1% is healthy considering the market activity has continued to remain subdued. The overall improvement in net profitability has been possible due to more efficient use of balance sheet and proactive management of some exposures that contributed to higher credit costs in the same period last year. Our teams remain focused on quality origination, providing service excellence to our clients and on keeping the credit costs in check. Looking forward to maintaining this excellent performance as we progress ahead in the year.” - TradeArabia News Service