Manama: Bahrain-based Alubaf Arab International Bank has posted a net profit of $22.2 million for the six months ended June 30, reflecting a 5.1 per cent decrease compared with the same period last year.

A statement by the bank said net profit for the second quarter was $11.4m.

The decrease in net profit was primarily due to the conservative stand on providing for non-performing assets.

Net provisioning for the period ended June 30 was $1m.

The bank said it also saw a 1.6pc drop in fee and commission income when compared with the same period last year.

Also, trading income sustained a loss of $62,000 for the six-month period and reduced by 114pc compared to the same period last year.

However, interest income was in line with last year same period and foreign exchange income was $637,000, reflected an increase of 239pc compared with the corresponding period last year.

Operating expenses resulted in a saving of $286,000 and reduction by 4.5pc compared with the same period last
year.

Capital adequacy ratio continued to be strong at 36pc and the ratio of liquid assets to liabilities stood at 59pc as of June 30.

Chief executive Hasan Abulhasan said he was confident of achieving the budgeted performance for the year.