Latest news with #quasi-equity
Al Bawaba
3 days ago
- Business
- Al Bawaba
Bank ABC Islamic announces first half 2025 net profit of US$ 26.9 million
For the first half of 2025, Bank ABC Islamic reported a net profit of US$ 26.9 million, a 7.3% increase compared to US$ 25.1 million for the same period last year. The performance was driven by 4.4% rise in total operating income after profit on Murabaha and other payables and before attribution to quasi-equity, which reached US$ 89.6 million due to effective balance sheet management. Additionally, provisions for the period were US$ 2.9 million write-back compared to US$ 1.4 million charge in HY 2024. Key Performance Highlights Net profit of US$26.9 million, 7.3% higher than same period last year. Total Operating income after profit on murabaha and other payables and before attribution to quasi-equity stood at US$89.6 million, 4.4% higher than the same period last year, while net income attributable to quasi-equity increased by 11.3%. Operating expenses were US$5.1 million, 43.9% lower compared to US$9.1 million for last on the results, Mr. Hammad Hassan, Managing Director of Bank ABC Islamic said, 'We are pleased to report a strong first half of 2025, delivering both in assets and profitability despite a competitive market environment, and geo-political uncertainties around us. Our business momentum remained strong across all product lines, especially capital markets business, both Loan Syndications as well as Debt Capital Markets. We acted as Joint Lead Manager for ten Sukuk issuances during first half of the year, supporting high profile corporates, financial institutions and a capabilities in capital markets have been recognized, with the award of, 'Best Sukuk House in Bahrain', at Euromoney Islamic Awards 2025 in May this year. With a solid balance sheet, and prudent risk management, we are well-positioned to remain on the growth trajectory, while maintaining strong capital and liquidity positions for the remainder of 2025.'A more detailed summary of the Financial Results is explained below:Business Performance (three-month period): Net profit for the second quarter was US$ 12.4 million compared to US$ 14.3 million reported in the second quarter of last year. Operating expenses were US$ 2.3 million, compared to US$ 2.4 million for the same period of last Performance (six-month period): Net profit for the first half was US$ 26.9 million compared to US$ 25.1 million reported last year. Allowances for credit losses for the period were a write back of US$ 2.9 million compared to a charge of US$ 1.4 million reported during the same period last year. Operating expenses were US$ 5.1 million, compared to US$ 9.1 million for the same period of last year. After adjusting for exceptional charge of US$ 4.0 million in the prior year, expenses were consistent with the same period in Sheet: ABC Islamic Bank's total assets stood at US$ 3.250 billion as of June 30, 2025, compared to US$ 2.865 billion at 2024 year-end. Investments were at US$ 1.4 billion, compared to US$ 1.3 billion at 2024 year-end, primarily comprised of sukuks issued by financial institutions and sovereigns. Murabaha receivables, Ijarah and Musharaka financing were at US$ 1,833 million, compared to US$ 1,550 million at 2024 year-end. Shareholders' equity on June 30, 2025, stood at US$ 354 million, compared to US$ 364 million at 2024 year-end. The bank's capital base remains very strong with a capital adequacy ratio of 36.9%, predominantly Tier 1, which totalled 36.2%.
Zawya
13-05-2025
- Business
- Zawya
Bank ABC Islamic reports 33.7% rise in net profit to $14.4mln
Bank ABC Islamic – on Tuesday announced a robust financial result for the first quarter of 2025, reporting a net profit of $14.4 million, a 33.7% increase compared to $10.8 million for the same period last year. This growth was achieved at the back of stable core business, effective cost management, and steady cost of credit. Total assets reached $3 billion, reflecting a healthy balance sheet position. Key Performance Highlights Net profit of $14.4 million, 33.7% higher than same period last year. Total Operating income after profit on murabaha and other payables and before attribution to quasi-equity stood at $44.4 million, 2.9% higher than the same period last year, while net income attributable to quasi-equity increased by 11.7%. Operating expenses were $2.8 million, 58.2% lower compared to $6.7 million for last year. Balance Sheet ABC Islamic Bank's total assets stood at $3.042 billion as of March 31, 2025, compared to $2.865 billion at 2024 year-end. Investments were at $1.2 billion, compared to $1.3 billion at 2024 year-end. Murabaha receivables, Ijarah and Musharaka financing were at $1,765 million, compared to $1,550 million at 2024 year-end. Shareholders' equity on March 31, 2025, stood at $372 million, compared to $364 million at 2024 year-end. The bank's capital base remains very strong with a capital adequacy ratio of 39.7%, predominantly Tier 1, which totalled 38.9%. Commenting on the results, Hammad Hassan, Managing Director of Bank ABC Islamic, said: 'We have had a solid start to 2025. Our core income held steady year-on-year basis, while tighter cost discipline and lower credit charges translated into impressive bottom-line growth. Activity in capital markets was particularly strong, with the Bank leading several high-profile Sukuk mandates.' Bank ABC Islamic' s strong performance and client-centric innovation have earned it notable recognition. The Bank was named Best Islamic Corporate Bank in Bahrain 2024 and Best Islamic Digital Offering by an Islamic Bank in 2024 by Islamic Finance News (IFN). Additionally, several of the Bank's landmark transactions were recognised for their innovation and impact, including AerCap Holdings' US$500 million sukuk, which was awarded both the Most Innovative Deal of the Year and Sukuk Deal of the Year. The Bank also led the Bahrain Deal of the Year 2024 for Bahrain Steel US$450 million ESG financing facility, and structured Oman Telecommunications Company US$500 million Sukuk, which received both the Ijarah Deal of the Year and Oman Deal of the Year accolades. 'These awards are a testament to the strength of our product offering, structuring experties and client engagement across our core markets,' added Hassan. 'Despite an uncertain regional and global macroeconomic backdrop, we remain cautiously optimistic of the business environment for rest of the year.' - Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
