The Bahrain-headquartered bank Arab Banking Corporation has reported profits of $256m, marking a 7 per cent increase compared to the $239m for the previous year.

Net profit for the fourth quarter in 2014 was $59m, marginally lower than the fourth quarter in 2013.

Total operating income rose by $31m to reach $888m.

The bank’s non-performing loans (NPL) to gross loans declined to 2.4 per cent last year from 3 per cent at 2013 year-end.

Total assets grew by 11 per cent to reach $29.4bn at the end of December.

The bank raised a $750m syndicated loan in mid-2014, its first syndicated facility raised since 2007.