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Total income reached $27.30m (2007: $17.93m), while fee income of $4.88m increased by 85% over the same period last year. Operating expenses of $4.29m increased only by 15% over the same period last year, attributable to an increase in the cost of living. The Bank's cost-to-income ratio was 15.7%, lower than 20.8% for the same period last year.
ABC Islamic Bank's total assets amounted to $1,440m (2007 year end: $1,365m) with an increase in Available-for-sale investments which stood at $375m (2007: $329m) mainly in Sukuks. Murabaha receivables and Ijara assets increased to $1,048m (2007: $995m) as the lending portfolio continued to grow to meet customer demand.
Commenting on the results, Mr. Naveed Khan, Managing Director, said:
"Despite the turmoil in global markets we have managed to achieve record results for ABC Islamic Bank. These 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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Posted by Siba Sami Ammari
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