Bank ABC Islamic achieves 47% Increase in Half-Year Profit
Manama
Bank ABC Islamic recorded net profit of US$10.9 million for the first half of this year, 47 per cent higher than the profit of US$7.5m reported in the first half of 2014.
Total operating income rose to US$14.5m, compared to US$10.7m for the first half of last year. Operating expenses were US$3.4 m compared to US$3.1m during the year over period.
Net profit for the second quarter was US$4.8m, 22pc higher than the same period of previous year. Total operating income for the quarter rose to US$6.7 m from US$5.6m for same period last year.
The bank said operating expenses were US$1.5m last year, and this increased to US$1.8 million in the first half of 2015.
Shareholders’ equity at 30th June 2015 stood at US$274m, much higher than US$264m at the end of 2014.The bank’s capital base remains very strong with a capital adequacy ratio of 21.7pc, well above the regulatory minimum of 12.5pc.
Bank ABC Islamic’s total assets stood at US$1.609 billion at the end of the half year compared to US$1.328 bn at 2014 year-end.
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