Manama, Bahrain: Bank ABC Islamic – has announced its financial results for the year ending 31 December 2018, which recorded net profit of US$32 million. Below are highlights of the Bank’s financial results.
Business Performance (FY 2018):
- Net profit for the year 2018 was US$32 million, 25.3% higher compared to US$25.6 million recorded for the previous year.
- Total operating income rose to US$42.3 million, 17.6% higher compared to US$35.9 million reported for last year.
- Operating expenses decreased to US$6.6 million compared to US$8 million in last year.
- Impairment charges for the period were US$3.2 million compared with the US$2 million reported during last year and are largely in line with our expectations for cost of credit. Impairment charges for the year are computed on FAS 30 basis covering the entire portfolio.
Business Performance (three-month period Oct – Dec 18):
- Net profit for the fourth quarter was US$6.7 million, 46% higher than the profit of US$4.6 million reported in the last quarter of YE 2017.
- Total operating income rose to US$11.2 million, 20.7% higher compared to US$9.3 million reported for the same period last year.
- Operating expenses were US$1.9 million compared to US$2.6 million for the same period of last year.
Balance Sheet:
- ABC Islamic Bank’s total assets stood at US$1.745 billion at the end of 2018, compared to US$1.559 billion at the 2017 year-end.
- Shareholders’ equity at 31 December 2018 stood at US$352 million, compared to US$333 million at 2017 year-end.
- The bank’s capital base remains very strong with a capital adequacy ratio of 34%, predominantly Tier 1, which totalled 32.9%.
Commenting on the results, Mr. Hammad Hassan, Managing Director of Bank ABC Islamic, said, “Bank ABC Islamic had another year of solid performance, despite the mixed outlook faced in our core markets. The investments made by the Bank and the Group of Bank ABC over the past few years in people, systems and processes have enhanced productivity and efficiency. Equally, an astute credit culture helped in keeping credit costs in check. We move ahead in to 2019, remaining focused on growth strategy, committed to further strengthening our culture, and upholding the highest standards of Shariah compliance in our product offerings.”
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