Bahrain based Alubaf Arab International Bank , a wholesale bank, yesterday reported 32 percent growth in net profit at US$ 23.4 million for the six months ended 30th June 2014, compared with US$ 17.8 million for the corresponding period last year.
Net profit for second quarter this year was US$ 11.8 million as against US$ 9.2 million for the same period last year.
The bank's Chief Executive Hasan Abulhasan said the growth was mainly driven by core business activities with interest income increasing by 37% over the same period last year. Fee and commission income increased by 7%, similarly.
Cost to income ratio remained stabilized at 21%, whereas the ratio of Liquid assets to total assets was 39% and Capital adequacy ratio remained strong at 43% .
"The bank is progressing as per plans and is confident of achieving better financial performance by year end." Mr. Abulhasan added.