Alubaf Arab International Bank recorded a net profit of US$ 22.2 million for the six month period ended 30 June 2015, which reflects a decrease of 5.1% compared to last year same period.
Net profit for second quarter this year was USD11.4 million for the three months ended 30 June 2015.
Decrease in net profit was primarily due to conservative stand on providing for non- performing assets, which amounted to a net provision of US$ 1 million for period ended 30 June 2015 and drop in fee and commission income by 1.6%, compared to last year same period. Also, trading income sustained a loss of US$ 62 thousand for the six month period ended 30 June 2015 and reduced by 114% compared to last year same period. However, Interest income was in line with last year same period and foreign exchange income of US$ 637 thousand, reflected an increase of 239% compared to corresponding period last year.
Operating expenses resulted in a saving of US$ 286 thousand and reduced by 4.5% compared to last year same period. Capital adequacy ratio continued to be strong at 36% and liquid assets to liabilities stood at 59% as at 30 June 2015.
Mr. Hasan Abulhasan, CEO expressed confidence that the Bank will achieve its budgeted performance for 2015.