Total income reached $8.34m (2007: $4.62m), while fee income of $2.33m increased by 123% over the same period last year. Operating expenses of $1.5m increased only by 29% for the same period of last year, attributable to additional staff hired to develop the Bank's growing business lines.
ABC Islamic Bank's total assets amounted to $1.45bn, an increase of 6.3% over the total assets for the year ended December 31, 2007.
Commenting on the results, Mr. Naveed Khan, Managing Director, said, "The results are a solid consolidation of the record results reported last year by ABC Islamic Bank against the backdrop of continuing global and regional uncertainty and are a testament to the team work and talent inducted into the bank over the past few years.
"We have to be mindful of some of the structural imbalances and liquidity issues which the market is facing moving forward, but feel very optimistic that these challenges will be met adequately, and in line with shareholder expectations," he concluded.
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ABC Islamic Bank reports first quarter profit of $6.8m
- Bahrain: Wednesday, April 16 - 2008 at 16:25
- PRESS RELEASE
ABC Islamic Bank today announced the bank's net profit for the first quarter of 2008 of $6.8m, an increase of 98.5% over the net profit for the same 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 Shari'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 customers and counterparties 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 Medilyn Manibo, Assistant News EditorWednesday, April 16 - 2008 at 16:25 UAE local time (GMT+4)
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