Bank ABC Islamic Logs 41% Rise in Net Profit in in Half-Year to $15.1m

BANK ABC Islamic has reported net profit of $15.1 million for the first half of 2017, a 41% higher than the net profit of $10.7 million reported in the first half of 2016.

Second quarter 2017 net profit of $8.7 million was 39% higher than $ 6.3 million achieved during the same period last year and also represents a 36% increase over the first quarter of 2017 of $6.4 million.

Total operating income rose to $19 million, compared to $14.4 million for the first half of last year. Operating expenses slightly increased to $3.7 million compared to $3.5 million for the same period of last year.

Shareholders’ equity at 30th June 2017 stood at $322 million, compared to $307 million at 2016 year-end. The bank’s capital base remains very strong with a capital adequacy ratio of 32.7%.

ABC Islamic Bank’s total assets stood at $1.443 billion as of June 30, 2017 compared to $1.634 billion at 2016 year-end.

Hammad Hassan, Managing Director of Bank ABC Islamic, said “overall performance during the first half of the year is encouraging. Despite challenging economic environment, our focus on generating capital light ancillary business and the ability to originate and distribute transactions has helped in enhancing return on assets. During the first half of the year, the bank has concluded several high profile capital market transactions and successfully originated new corporate clients. The transaction pipeline is robust for rest of the year and our focus will remain on keeping credit costs in check. The bank is well positioned for second half of 2017.”

Source: saudigazette