ABC Islamic Bank announces US$8.1 million net profit for 2011
ABC Islamic Bank presented a net profit of $8.1 million for 2011, 293% higher than last year. Shareholders' equity at 31 December 2011 was $227.7 million, compared to $219.8 million at 2010 year-end. The bank's capital base is still very strong with a capital adequacy ratio of 27.5, predominantly Tier 1, which totalled 26.5%.
According to Mr. Naveed Khan, Managing Director, ABC Islamic Bank anticipates a growth of its financing activity selectively, as a result of both its recent drive to win new clients, and a gradual recovery in the borrowing appetite of customers.
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