ABC Islamic Bank has announced that its net profit for the first nine months of 2014 was $11.4 million, 25 percent higher than the $9.2 million recorded in the first nine months of 2013. Total operating income rose to $16.5 million, compared to $ 13 million for last year. Operating expenses increased to $4.8 million compared to $ 3.6 million for the same period of last year. Net profit for the third quarter was $4 million, 25 percent higher than the previous year of $3.2 million.

Shareholders’ equity at Sept. 30, 2014 stood at $260 million, compared to $248.4 million at 2013 year-end. The bank’s capital base remains very strong, with a capital adequacy ratio of 26.1 percent, predominantly Tier 1, which totals 24.9 percent.

ABC Islamic Bank’s total assets stood at $1.236 billion at the end of the third quarter compared to $1.002 billion at 2013 year-end.

Commenting on these financial results, Naveed Khan, managing director of ABC Islamic Bank, said, “We are satisfied with the financial results for the first nine months of the year. The 27 percent growth in operating income is a direct result of our sustained build-up in customer relationships. Margin income is accompanied by a healthy increase in fee and commission income. We are hopeful that the rest of the year will see further consolidation on positive momentum built up so far in 2014.”