ABC Islamic Bank announces 2012 year-end profit of $8.3m
- Bahrain: Wednesday, February 27 - 2013 at 16:38
- PRESS RELEASE
ABC Islamic Bank announced that its net profit for the year ending 2012 was $8.3m, compared to $8.1m last year.
Impairment provision of $0.5m for regional exposure taken during the year was at the same level as of last year.Net profit for the fourth quarter was the same as of last year of $1.4m.
Shareholders' equity at 31 December 2012 stood at $236m, compared to $227.7m at 2011 year-end. The bank's capital base remains very strong with a capital adequacy ratio of 26.2%, predominantly Tier 1, which totalled 25.3%.
ABC Islamic Bank's total assets stood at $1.067bn, compared to $1.035bn at 2011 year-end.
Commenting on the results, Mr. Naveed Khan, Managing Director of ABC Islamic Bank said, "The financial results for 2012 are encouraging. Although net profit is marginally higher most of the growth this year has come from core earnings with a good mix of fee income and spreads. We remain optimistic about future opportunities arising from Islamic Banking finding great favour among markets emerging from the Arab Spring of 2011."
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.