Bank ABC Islamic posts US$35.1m 9-month profit

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Bank ABC Islamic yesterday reported a third quarter net profit of US$10.2 million compared to US$8.9 m in the third quarter of last year.

Quarterly net operating income before credit losses was US$13.4m compared to US$9.0m for the same period of last year.

Operating expenses were U S$ 2 .4 m , compared to US$2.0m for the same period of last year.

Nine-month results Net profit was US$35.1m, 18.6 % higher than same period last year.

Net operating income before credit losses was US$44.1m, 37.4% higher than the same period in 2022.

Allowances for credit losses for the period were a charge of US$0.3m compared to a write back of US$4.0m reported during the same period last year.

Operating expenses were US$8.4m, 35.0% higher compared to US$6.2m for last year.

The banks said the growth in income and profitability is at the back of higher profit rate environment as well as stable core customer business.

Hammad Hassan, Managing Director of Bank ABC Islamic said, “The year-to-date performance of the Bank is promising and is based on stable performance from core client business as well as favorable higher profit rate environment. Capital markets activity picked up this year after a subdued 2022.”