Total operating income reached $17.9m (2006: $7.9m). Net margin income at $11.2m was 115% higher than the S$5.2m for the same period last year as a result of an increase in all asset categories. Other fees and commission income totalled $6.7m (2006: $2.6m).
The bank's total assets amounted to $1,389m (2006 year end: $823m) with an increase in non-trading investments which stood at $380m (2006: $267m) mainly in Sukuks. Murabaha and Ijara assets increased to $990m (2006: $546m) as the lending portfolio continued to grow to meet customer demand.
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ABC Islamic Bank third quarter net profit surges by 235%
- Bahrain: Wednesday, November 07 - 2007 at 11:17
- PRESS RELEASE
Bahrain-based ABC Islamic Bank announced a net profit of $14.4m for the year to September 2007, an increase of 235% over the net profit of $4.3m for the comparable period last year.
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About ABC Islamic BankArab Banking Corporation (ABC) launched its Islamic Banking Division through ABC Investment & Services Co. (E.C.) a wholly-owned subsidiary, based in Bahrain in 1987. The objective was to establish a leading Islamic banking unit, which conformed completely to Sharia'a principles.
In March 1998 ABC Investment & Services Co. (E.C.) was converted into a fully fledged Islamic entity and was consequently renamed ABC Islamic Bank (E.C.), with the express purpose of reassuring existing and future customers of the continued purity and integrity of its Islamic products and services. ABC Islamic Bank is supported by the ABC Group's extensive global network, which includes ABC IB Islamic Asset Management in London in addition to ABC branch offices, subsidiaries and affiliates across the globe.
Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, November 07 - 2007 at 11:17 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Sun Mar 16 2008.
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