Mubasher: Bank ABC Islamic, a subsidiary of Arab Banking Corporation (Bank ABC), on Wednesday announced a 45% rise in net profits during the first quarter of 2017, compared to the same quarter in 2016, according to a bourse filing.

Net profits amounted to $6.4 million in Q1-17, compared to $4.4 million in Q1-16.

Operating income jumped 38% to reach $8.6 million in the first three months of 2017, compared to $6.2 million in the same period last year.

The bank had previously reported a 1.7% increase in annual profits to $183 million in 2016, compared to $180 million in 2015.