Bank ABC Islamic has posted a net profit of $19.7 million for the last year, 31 per cent higher than last year’s net profit of $15.1 million.

 

The net profit for the fourth quarter of last year was $3.6 million, said a statement.

 

The bank's total assets stood at $1.34 billion, compared to$1.328 billion at the 2014 year-end, it said.

 

Naveed Khan, managing director, said: “Despite the success in containing the growth of risk weighted assets, the bank has been able to increase total operating income by 23 per cent, while holding expense growth at seven per cent, which lead to an increase of 31 per cent in net profit over the previous year. 

 

"What is encouraging is the sustained momentum over the previous year’s excellent results, during a contractionary environment. The focus this year has been on asset churn/distribution and debt capital markets in conjunction with the Parent Group (Bank ABC) which has produced good results and positions us well for a potential regional slowdown on account of lower oil prices.” - TradeArabia News Service