Bank ABC Islamic increases net profit to $37.3 million

Manama, Bank ABC Islamic said that its financial results for the year ending 31 December 2019 recorded net profit of $37.3 million.

The figure is 16.5% higher compared with the $32 million recorded for the previous year, the bank said in a statement.

The total operating income as well as net profitability has seen double digit growth as compared to 2018. Below are highlights of the Bank's financial results, it added.

Shareholders' equity at 31 December 2019 stood at $365 million, compared with $352 million at 2018 year-end, the bank said, adding that its capital base "remains very strong with a capital adequacy ratio of 30%, predominantly Tier 1, which totaled 29%."

"We remain committed to our strategy with its core tenets of broadening and deepening our core franchise, globalizing our capabilities across the ABC Group, and enhancing our global operating model." Hammad Hassan, Managing Director of Bank ABC Islamic, said

"We move in to 2020 with optimism whilst upholding the highest standards of Shariah compliance in our operations.

Source: Bahrain News Agency