Bank ABC Islamic announces first half 2024 net profit of US$25.1 million

Bank ABC Islamic today announced its results for the first half ending 2024: 

The Bank closed the first half with a net profit of US$25.1 million compared to US$24.9 million for the same period last year. Total operating income for the six-month period ending 30 June 2024 stood at US$35.8 million, 16.5% higher on a year-on-year basis. The growth in income is a result of healthy client business across corporate, institutional, and sovereign segments. The balance sheet remained healthy, maintaining strong capital ratio. 

Key Highlights of first half Performance

• Net profit of US$25.1 million, 1% higher than same period last year. 
• Operating income after attribution to quasi-equity of US$35.8 million, 16.5% higher than the same period in 2023.  
• Operating expenses of US$9.1 million, 52.4% higher compared to US$6.0 million for last year. 
• The Bank’s capital base remains very strong with a capital adequacy ratio of 44.7%.

Commenting on the results, Mr. Hammad Hassan, Managing Director of Bank ABC Islamic said, “Positive business momentum continued from the start of the year. Cash Management, Trade Finance and market products performed extremely well during first half of the year. We led eight Sukuk issuances and several Syndicated deals. This resulted in an operating income growth of 16.5% on a year-on-year basis. However, this was partly offset by a one-off litigation expense of a legacy case. Despite higher operating expenses, we closed the first half of the year with a net profit of US$25.1 million, in line with last year’s performance. We have a healthy pipeline for new business and transactions, and remain cautiously optimistic about performance for the rest of the year.”