ABC Net Profit Soars 235%

MANAMA, 9 November 2007 — Bahrain-based Arab Banking Corporation (ABC) Islamic Bank on Tuesday announced a net profit of $14.4 million for the year to September 2007, an increase of 235 percent over the net profit of $4.3 million for the comparable period last year.

The bank said in a statement that total operating income reached $17.9 million from $7.9 million in 2006. Net margin income at $11.2 million was 115 percent higher than the $5.2 million for the same period last year as a result of an increase in all asset categories. Other fees and commission income totaled $$6.7 million as against $2.6 million the previous year.