ABC Islamic Bank today announced a net profit of US$2.1 million for 2010 compared to US$10.1 million for 2009. Total operating income was US$15.9 million compared to US$20.4 million for 2009, due to lower rates and de-risking of balance sheet asset size. Staff and operating costs of US$4.9 million were also lower than the previous year of US$5.0 million.
Impairment provisions of US$8.6 million were taken for regional exposures during the year, US$3.6 million higher than the previous year………………………………………..Full Press Release: Source