ABC Islamic Bank announced that its net profit for the year ending 2012 was $8.3m, compared to $8.1m last year. Total operating income amounted to $16m, 6% higher than last year of $15.1m. Operating expenses increased by $0.8m to $6.9mi, resulting in cost to income ratio of 43.3%, compared to 40.8% in last year, mainly due to higher staff expenses related to compensation scheme.
Impairment provision of $0.5m for regional exposure taken during the year was at the same level as of last year.Net profit for the fourth quarter was the same as of last year of $1.4m. (Press Release)