Manama, Bahrain: Bank ABC Islamic - today announces its results for the first half of 2019:
Business Performance (six-month period):
- Net profit for the first half was US$18.9 million, 21.1% higher than the profit of US$15.6 million reported in the first half of last year.
- Total operating income rose to US$22.3 million, 8.1% higher compared to the first six months of last year of US$20.6 million.
- Operating expenses were US$3.8 million, 6.8% higher compared to US$3.6 million for the same period of last year.
Business Performance (three-month period):
- Net profit for the second quarter was US$9.3 million, 25.9% higher than the profit of US$7.4 million reported in the second quarter of last year.
- Total operating income rose to US$11.1 million, 16.6% higher compared to the second quarter of last year of US$9.6 million.
- Operating expenses were US$1.9 million, 12.4% higher compared to US$1.7 million for the same period of last year.
Balance Sheet:
- ABC Islamic Bank’s total assets stood at US$1.703 billion as of June 30, 2019 compared to US$1.745 billion at 2018 year-end.
- Shareholders’ equity at June 30, 2019 stood at US$347 million compared to US$352 million at 2018 year-end.
- The Bank’s capital base remains very strong with a capital adequacy ratio of 34.3%, predominantly Tier 1, which totalled 33.3%.
Commenting on the results, Mr. Hammad Hassan, Managing Director of Bank ABC Islamic, said, “The positive momentum developed in the first quarter of the year has continued. Year-on-year increase in total operating income of 8.1% is healthy considering the market activity has continued to remain subdued. The overall improvement in net profitability has been possible due to more efficient use of balance sheet and proactive management of some exposures that contributed to higher credit costs in the same period last year. Our teams remain focused on quality origination, providing service excellence to our clients and on keeping the credit costs in check. Looking forward to maintaining this excellent performance as we progress ahead in the year.”
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
