ABC Islamic Bank announces US$1.8 million net profit for first quarter

ABC Islamic Bank today announced a net profit of $1.8 million for the first quarter of 2010 compared to $5.6 million for the first quarter of last year.

Commenting on the results, Mr. Naveed Khan, Managing Director, said, “ABC Islamic maintained a positive operating result in the first quarter of 2010 despite de-risking of the balance sheet and conservative provisioning on impaired assets from the previous year. This has been in line with Group and parent policy. However the bank is well poised for future growth as its capitalization ratio has a healthy cushion for selective growth.”