ABC Islamic Bank report $4m half-yearly profit

Naveed Khan CEO ABCIB
Bahrain-based ABC Islamic Bank in a statement on Tuesday said that it posted $4million net profit for the first half of 2012 compared to $5.1 million for the same period in 2011 which included a non-recurring one-off revenue item of $1.3 million.

Net profit for the second quarter was $2.4 million compared to S$1.6 million in the first quarter of 2012 representing a 50 % quarter on quarter increase, compared to $2.1 million for the second quarter 2011 representing a 14.3 % increase over the same period last year. Total operating income amounted to $4 million compared to $ 3.4 million for the first quarter of 2012. Operating expenses were $1.4 million compared to $1.3 million.

Shareholders’ equity at 30 June 2012 stood at $231.8 million, compared to $229.3 million at the end of the first quarter. The bank’s capital base remains very strong with a capital adequacy ratio of 26.5%, predominantly Tier 1, which totalled 26%.

ABC Islamic Bank’s total assets stood at $1.047 billion at the end of the half year compared to $1.017 at the end of the first quarter.

“We are pleased to see growth picking up in line with the region, particularly that our increased profitability this quarter comes from core fee and margin income on new transactions,” Naveed Khan, Managing Director of ABC Islamic Bank, said.

“We are also delighted that ABC Islamic Bank was recently the first institution in Bahrain and the GCC to receive a Fiduciary Rating by the Islamic International Rating Agency. We take pride that these ratings are on a national scale A+ (Single A Plus) for long term rating and A-1 (A-One) for short term rating. Likewise, our international rating is assessed at A-/A-2 (Single A Minus/A-Two) for short term rating. These ratings reaffirm the high level of transparency in the bank and its financial strength,” he added.

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