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ABC Islamic Bank reports a net profit of $15.7m

Bahrain: Monday, August 04 - 2008 at 11:56
PRESS RELEASE

ABC Islamic Bank today announced the bank's net profit for the first half of 2008 of $15.7m, this was an increase of 72.8% over the net profit for the comparable period last year and a record half year profit in the history of the bank.

Total income reached $18.63m (2007: $11.48m), while fee income of $2.88m increased by 89% over the same period last year. Operating expenses of $2.97m increased only by 23% over the same period last year, attributable to additional staff hired to develop the Bank's growing business lines and cost of living increases. The Bank's cost-to-income ratio improved to 16% over the period (2007: 21%).

ABC Islamic Bank's total assets amounted to $1,615m (2007 year end: $1,365m) with an increase in Available for sale investments which stood at $402m (2007: $329) mainly in Sukuks. Murabaha receivables and Ijara assets increased to $1,201m (2007: $995m) as the lending portfolio continued to grow to meet customer demand.

Commenting on the results, Mr. Naveed Khan, Managing Director, said:

"Despite a relatively quiet start to the year, because of the global credit crunch, the results are a testament to solid relationships developed with core customers and hard work put in by staff, coupled with the strong support we get from the parent group. We are hopeful of consolidating and building on these results for the full year 2008."

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Related site: http://www.arabbanking.com

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About ABC Islamic Bank

Arab 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 Ehab Al-Abbadi
Monday, August 04 - 2008 at 11:56 UAE local time (GMT+4)

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ABC Islamic Bank reports a net profit of $15.7m

ABC Islamic Bank today announced the bank's net profit for the first half of 2008 of $15.7m, this was an increase of 72.8% over the net profit for the comparable period last year and a record half year profit in the history of the bank.

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