Bahrain’s Bank ABC Islamic Bounces Back with Increased Net Profit for 9M 2021

Bank ABC Islamic has bounced back with a significant growth of 19.4% in net profit to reach USD 26.7 million during the nine-months of 2021 (9M 2021) compared to the same period in 2020 following the one-time impact of an issue with fraud related impairment.

Why it Matters?

Hammad Hassan, Managing Director of Bank ABC Islamic said the overall results of the bank for the nine-month period was satisfactory despite the adverse effects on the top line which was due to a mix of various elements such as lower profit rate environment, reduction in capital market activity, as well as under utilisation of assets. Hassan added that with the reduction of the impact of the COVID-19 pandemic, it is anticipated that the bank will end the year on a better footing wi...