ABC Islamic Bank announces 48 per cent increase in 2013 year-end net profit of $12.2 million

ABC Islamic Bank has announced that its net profit for the year ending 2013 was $12.2 million, 48 per cent higher than the previous year of $8.3 million net profit. Net profit for the fourth quarter of 2013 was $3 million, 112 per cent higher than the same period of 2012. Total operating income grew 12.8 per cent to $18.1 million compared to $16 million in the previous year while operating expenses decreased by more than 20 per cent to $5.5 million. The Bank’s capital base remains very strong with a capital adequacy ratio of 27.6 per cent, predominantly Tier 1, which totalled 26.2 per cent. ABC Islamic Bank’s total assets stood at $1.002 billion.