Manama: Bank ABC Islamic, has announced a net profit of US$ 19.2 million. The bank is a statement said the first half results reflects the Bank’s success in returning to normal performance after absorbing the one-off exceptional fraud related impairment in 2020.
Total operating income of US$21.5 million, 8.1% lower than the same period last year mainly on Haccount of low profit rate environment and slightly lower fee income.
The bank reported a net profit for the second quarter was US$8.8 million compared US$8.7 million reported in the second quarter of last year.
ABC Islamic Bank’s total assets stood at US$1.998 billion as of June 30, 2021 compared to US$2.314 billion at 2020 year-end.
“The Bank’s performance in the first half of the year is reassuring. The Bank has been able to recover to its normal performance after it has absorbed the impact of fraud related credit costs of 2020,” Hammad Hassan, Managing Director of Bank ABC Islamic, said.
“Whilst the top line continues to be adversely impacted by a combination of lower profit rate environment and a slowdown in the business activity not having resumed to pre-pandemic level, the Bank’s net profitability showed growth on a year-on-year basis, as a result of stability in the credit portfolio and positive macroeconomic outlook as compared to last year.”
“The operating environment is still not back to normal but there is positive hope for recovery as vaccination programs across countries and regions are gaining traction. We remain cautiously optimistic about some pick up in market activity after the summer and as we go in to the next year.”
