Bank ABC Islamic 9-month profit surges 25pc

14/11/2017 08:04 AST

Bahrain-based Bank ABC Islamic has reported a net profit of $21million for the first nine months of 2017, 25 per cent higher than the net profit of $16.8 million recorded during the same period in 2016.

Net profit for the third quarter was $5.9 million, compared to $6.1 million for third quarter 2016.

Total operating income rose to $26.6 million, 20 per cent higher compared to the first nine months of last year of $22.2 million. Operating expenses of $5.4 million were slightly higher compared to $5.2 million for the same period of last year.

Shareholders' equity September 30, 2017 stood at $328 million, compared to $307 million at 2016 year-end. The bank's capital base remains very strong with a capital adequacy ratio of 29.1 per cent.

Bank ABC Islamic's total assets stood at $1.644 billion as of September 30, 2017 compared to $1.634 billion at 2016 year-end. Hammad Hassan, managing director of Bank ABC Islamic, said: "We are pleased with the Bank's performance in the first nine months. Despite subdued economic environment in our target markets, our focused approach to balance sheet use, new customer acquisition and leverage on ABC Group's product expertise and our footprint made this achievement possible. I look forward to continuation of similar momentum over the coming months and as we move ahead in to 2018."


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