Bank ABC Islamic today announced that its net profit for the third quarter was $6.1 million, 18 per cent higher than the net profit of $5.2 million reported for the same period last year.

Net profit for the first nine months of 2016 was $16.8 million, 4 per cent higher than the net profit of $16.1 million reported for the same period last year.

Shareholders’ equity at September 30 stood at $300 million, compared to $283 million at 2015 year-end. The bank’s capital base remains very strong with a capital adequacy ratio of 26.1 per cent.
ABC Islamic Bank’s total assets at September 30 stood at $1.622 billion compared to $1.344 billion at 2015 year-end.

Commenting on the results, Naveed Khan, managing director of ABC Islamic Bank, said: “The first nine months of the year have been challenging for our markets, as the regional economic slowdown required proactive de-risking of the Bank’s balance sheet, with pruning of the Contracting and Real-Estate sectors. This de-risking of the balance sheet was done to keep credit costs under control and take advantage of expected higher margins. Both objectives were achieved. With no credit costs incurred the margin income improved for the first nine months from $15.9 million in 2015 to $17.5 million in 2016.”  - TradeArabia News Service