Bank ABC Islamic announces nine months 2024 net profit of US$37.8 million

Bank ABC Islamic - today announces its results for the first nine months ending 2024: 
The Bank closed the third quarter with net profit of US$ 37.8 million compared to US$ 35.1 million for the same period last year. Total operating income after attribution to quasi-equity for the nine-month period ending 30 September 2024 stood at US$ 51.5 million, 17% higher on a year-on-year basis. The growth in income is a result of healthy client business across corporate, institutional, and sovereign segments. The balance sheet remained healthy, maintaining strong capital ratio. 
Key Performance Highlights
Net profit of US$ 37.8 million, 8% higher than same period last year. 
Operating income after attribution to quasi-equity of US$51.5 million, 17% higher than the same period in 2023.  
Operating expenses of US$11.3 million, 34% higher compared to US$8.4 million for last year. 
The bank’s capital base remains very strong with a capital adequacy ratio of 40%.

Commenting on the results, Mr. Hammad Hassan, Managing Director of Bank ABC Islamic said, “We are pleased to announce a solid performance for the first nine months of 2024, with a net profit of $37.8 Million. This 8% increase reflects our commitment to sustained growth and resilience in an evolving economic environment. We have continued to strengthen our core business lines while making targeted investments in digital transformation to better serve our customers and adapt to their changing needs. As we move into the final quarter of 2024, we remain confident in our strategic direction. Our team will continue to focus on delivering value for our stakeholders and seizing new growth opportunities in the market.”
Business Performance (three-months period):
Net profit for the third quarter was US$12.8 million compared to US$10.2 million reported in the third quarter of last year.
Operating income after attribution to quasi-equity of US$15.7 million compared to US$13.4 million for the same period of last year.
Operating expenses were US$2.2 million, compared to US$2.4 million for the same period of last year.
Business Performance (nine-months period):
Net profit of US$ 37.8 million, 8 % higher than same period last year. 
Operating income after attribution to quasi-equity of US$51.5 million, 17% higher than the same period in 2023.  
Allowances for credit losses for the period were a charge of US$2.1 million compared to US$0.3 million reported during the same period last year.
Operating expenses of US$11.3 million, 34% higher compared to US$8.4 million for last year. Adjusting for the extraordinary one-off charge, expenses were 8% higher than previous period.

Balance Sheet:
ABC Islamic Bank’s total assets stood at US$2.996 billion as of September 30, 2024, compared to US$2.501 billion at 2023 year-end.
Investments were at US$1.2 billion, compared to US$809 million at 2023 year-end.
Murabaha receivables, Ijarah and Musharaka financing were at US$1,808 million, compared to US$1,566 million at 2023 year-end.
Shareholders’ equity on September 30, 2024, stood at US$342 million, compared to US$328 million at 2023 year-end.
The bank’s capital base remains very strong with a capital adequacy ratio of 40%, predominantly Tier 1, which totalled 39%.