Bank ABC Islamic Announces 25 Percent Increase in Nine-Month Net Profit to $21 Million

Bank ABC Islamic today announced that its net profit for the first nine months of 2017 was US$21 million, 25% higher than the net profit of US$16.8 million recorded in the first nine months of 2016. Net profit for the third quarter was US$5.9 million, compared to US$6.1 million for third quarter 2016.

Total operating income rose to US$26.6 million, 20% higher compared to the first nine months of last year of US$22.2 million. Operating expenses of US$5.4 million were slightly higher compared to US$5.2 million for the same period of last year.

Shareholders’ equity at 30th September 2017 stood at US$328 million, compared to US$307 million at 2016 year-end. The Bank’s capital base remains very strong with a capital adequacy ratio of 29.1%.

Bank ABC Islamic’s total assets stood at US$1.644 billion as of September 30, 2017 compared to US$1.634 billion at 2016 year-end.

Commenting on the results, Mr. Hammad Hassan, Managing Director of Bank ABC Islamic, said, “We are pleased with the Bank’s performance in the first nine months. Despite subdued economic environment in our target markets, our focused approach to balance sheet use, new customer acquisition and leverage on ABC Group’s product expertise and our footprint made this achievement possible. I look forward to continuation of similar momentum over the coming months and as we move ahead in to 2018.”