Mubasher: Arab Banking Corporation (Bank ABC) reported a growth of 36% in net profit, attributable to the shareholders of the parent, for the second quarter of 2016.
Bank ABC’s net earnings increased to $60 million in Q2-16 from $44 million reported for the same period in 2015, according to the bank’s statement on Bahrain Bourse.
The consolidated group’s net profit, attributable to the shareholders of the parent, for the first half of 2016 reached $101 million, 5% higher from $96 million in H1-15.
“Total operating income for the period grew to $442 million, compared with $372 million reported in the first half last year, driven by core income growth and also benefiting from currency movements,” the statement added.
Bank ABC’s operating expenses reached $212 million unchanged from 2015, reflecting a combination of FX weakening and tight cost management measures, yet investing into strategic transformation.
Total assets stood at $30 billion by the end of H1-16 versus $28 billion at the 2015 year-end.
