Staff and operating costs of $4.9 million were also lower than the previous year of $5 million. I
Net profit for Q4 was $0.5 million, compared to $0.2 in Q3. Total operating income was $3.8 million compared to $4.1 million for the previous quarter. Staff and operating costs for Q4 were at $0.5 million compared to $1.5 million in the Q3.
Shareholders' equity at the year-end stood at $187.3 million compared to $176.5 million for the previous year, an increase of $10.8 million coming from improvement in fair values of available-for-sale investments and net profit for the year.
The capital adequacy ratio at 2010 year-end was very strong at 24.5 percent, predominantly Tier 1, which totaled 24.2 percent, both up year on year.
Naveed Khan, managing director of ABC Islamic Bank, said: “During 2010, Arab Banking Corporation's Bahrain-based Islamic banking subsidiary, has built new relationships with target customers across the MENA region, as well as raising its quality of service to differentiate it from other Islamic banks.”
“Having one of the broadest product ranges of any Islamic institution, the bank is providing selected target market customers with high-quality relationship banking incorporating more than one product,” he added.
