Bank ABC Islamic Announces 16.8 Percent Increase in First Quarter Net Profit to $9.6 Million

Bank ABC Islamic - today announces its results for the first quarter of 2019:

Business Performance

• Net profit for the first quarter was US$9.6 million, 16.8% higher than the profit of US$8.2 million reported in the first quarter of last year.
• Net operating income rose to US$11.6 million, 13.9% higher compared to the first three months of last year of US$10.2 million.
• Operating expenses were US$1.9 million compared to US$1.8 million for the same period of last year.

Balance Sheet:

• ABC Islamic Bank’s total assets stood at US$1.773 billion as of March 31, 2019, 1.6% higher compared to US$1.745 billion at 2018 year-end.
• Shareholders’ equity at March 31, 2019 stood at US$361 million, 2.7% higher compared to US$352 million at 2018 year-end.
• The Bank’s capital base remains very strong with a capital adequacy ratio of 33.5%, predominantly Tier 1, which totalled 32.4%.

Commenting on the results, Mr. Hammad Hassan, Managing Director of Bank ABC Islamic, said, “The first quarter results are strong, considering the continuing general economic slowdown in our core markets. While demand for new financing by corporates and financial institutions remained low, capital markets activity in MENAT witnessed a healthy start in Q1 2019. The Bank in collaboration with capital markets team of the Group were active in this area and successfully concluded a high profile sovereign Suku