Bank ABC Islamic Records USD 19.2 Million in Net Profit During First Half of 2021

Bahrain-based Bank ABC Islamic has reported USD 19.2 million in net profit for the first half of 2021 (1H 2021), compared to USD 14.5 million in the same period of the previous year.

Why it Matters?

According to Hammad Hassan, Managing Director of Bank ABC Islamic, the bank was able to recover to its normal performance following the absorption of the impact of the fraud related credit costs of 2020. Although the bank’s top line continues to be adversely impacted by a lower profit rate environment and a slowdown in business activity, the net profitability showed year-on-year growth following stability in the credit portfolio and a positive macroeconomic outlook, as compared to the previous year. Hassan added that despite the operating environmen...