ABC Islamic Bank announced a net profit of $1.4 million for the first half-year of 2010. Net loss for the second quarter was $0.4 million compared to profit of $1.8 million in the first quarter, primarily due to impairment provisions.
Total income for the second quarter was $4.1 million, 5.4% above $3.9 million generated in the first quarter. Operating expenses increased marginally to $1.6 million compared to $1.4 million in the previous quarter. Operating profit before impairment provisions registered a 2.3% increase to reach $2.5 million. Impairment provision of $2.9 million was taken during the quarter, $2.2 million higher than the previous quarter……………………………………….Full Press Release: Source