MANAMA: Bank ABC Islamic has reported net profit of $37.3 million for the year ended December 2019, 16.5 per cent higher compared with $32m recorded for the previous year.
The total operating income as well as net profitability has seen double-digit growth as compared with 2018.
Total operating income rose to $46.7m, 10.4pc higher compared with $42.3m reported for last year.
Operating expenses were $8.5m, 27.5pc higher compared with $6.6m for last year.
When adjusted for one-off reversals in 2018, the expenses for 2019 grew by 12.9pc.
Allowances for credit losses for the year were $0.5m, 85.3pc lower compared with $3.2m reported during the previous year, which as noted above, demonstrates continuing improvement in credit quality.
Net profit for the fourth quarter was $8.5m, 26.6pc higher than $6.7m reported in the last quarter of 2018.
Total operating income rose to $12.1m, 7.7pc higher compared with $11.2m reported for the same period of the previous year.
Operating expenses were $2.8m, compared with $1.9m for the same period of the previous year.
Allowances for credit losses for last quarter of $0.7m were lower by 73.6pc when compared with the last quarter of the previous year of $2.5m, demonstrating continuing improvement in credit quality.
ABC Islamic Bank’s total assets stood at $2.079 billion at the end of 2019, compared with $1.745bn at 2018 year-end.
Shareholders’ equity at end-December 2019 stood at $365m, compared with $352m at 2018 year-end.
The bank’s capital base remains very strong with a capital adequacy ratio of 30pc, predominantly Tier 1, which totalled 29pc.
Commenting, Bank ABC Islamic managing director Hammad Hassan said, “2019 was another year of stellar performance for the bank despite persisting challenging market conditions. This is a reflection of a focused approach towards building a credit worthy client base. Our efforts to servicing existing clients by providing bespoke and innovative Sharia-compliant solutions, as well as proactive management and scrutiny over the credit portfolio are paying off. We remain committed to our strategy with its core tenets of (a) broadening and deepening our core franchise, (b) globalising our capabilities across the ABC Group, and (c) enhancing our global operating model. We move in to 2020 with optimism whilst upholding the highest standards of Sharia-compliance in our operations.”
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