MANAMA: ABC Islamic Bank, a subsidiary of Bahrain-based Arab Banking Corporation, yesterday posted a first quarter net profit of $3 million, up 66 per cent over $1.8m for same period last year.
Total operating income for the first quarter was $4.8m, compared to $3.9m for the first quarter of last year.
Operating expenses increased to $1.8m compared with $1.4m, mainly due to a timely recognition of staff expenses related to compensation for last year.
Shareholders' equity at March 31 stood at $222.7m compared to $219.8m at the year end.
The capital base remains strong with an adequacy ratio of 23.5pc, and a Tier 1 ratio of 23.1pc.
Total assets grew marginally to $1.249 billion at the end of the first quarter compared to $1.241bn at year end.
"Despite turbulent times in the region we are off to a good start for the year," said managing director Naveed Khan.
"Core operating profitability has been consistently improving despite the one-off anomaly of increased expenses attributable to last year.
"This year promises to be a challenging one as the markets have been confronted now with regional developments after a prolonged period of global economic recession," he said.
"We are confident, however, that ABC Islamic Bank, well supported by the ABC Group, will rise above these challenges as Islamic banking continues to find favour and grow strongly in the Arab world," he added.