ABC Islamic Bank posts net profit of $12 million

ABC Islamic Bank has announced that its net profit for last year was $12.2 million, 48 per cent higher than the previous year of $8.3m. Net profit for the fourth quarter of last year was $3m, 112pc higher than the same period of 2012. Total operating income grew 12.8pc to $18.1m compared to the previous year while operating expenses decreased by more than 20pc to $5.5m. No impairment provisions were required during the year. The bank's capital base remains very strong with a capital adequacy ratio of 27.6pc, predominantly Tier 1, which totalled 26.2pc. ABC Islamic Bank's total assets stood at $1.002 billion, compared to $1.067bn in 2012.