Manama: ABC Islamic Bank in statement said that its net profit for the first quarter of 2015 was US$6.1 million. This was an increase of 75% over the net profit for the comparable period last year of US$3.5 million, and also a 68% increase over fourth quarter of 2014.
High profile syndications and asset churn contributed to good growth in fee income assisted by a focus on Debt Capital Market activity in conjunction with the Group’s Capital Market team.
Total operating income rose to US$7.7 million, 50% growth over US$5.2 million recorded in the first quarter of last year. Operating expenses were kept nearly flat at US$1.6 million.
Shareholders’ equity at 31 March 2015 stood at US$270 million, compared to US$264 million at 2014 year-end. The bank’s capital base remains very strong with a capital adequacy ratio of 26%.
ABC Islamic Bank’s total assets stood at US$1.378 billion at the end of the first quarter compared to US$1.328 billion at 2014 year-end.
“Financial results for the start of 2015 are satisfactory. We had an exceptionally good quarter to start with, however lower oil prices and the possibility of slower economic growth in the region remain as challenges. Having made good investments in our team and product capability we remain cautiously optimistic about the year ahead,” Commenting on the results, Naveed Khan, Managing Director of ABC Islamic Bank, said.