ABC Islamic Bank in Bahrain has recorded a net profit of $3.5m in the first quarter of 2014, which is 9 per cent higher than profits recorded in the same period last year.

The bank also reported a 26 per cent increase in overall operating revenues, which reached $5.2m for the first quarter.

Total assets at the bank stood at $1.13bn at the end of the first quarter, an increase on the $1.002bn in Q1 2013.

ABC Islamic Bank is the Islamic arm of Bahrain’s Arab Banking Corporation (ABC).

At the end of April, ABC announced that consolidated group net profits for the first quarter of 2014 reached $71m, a 27 per cent increase on the $56m recorded in the first quarter of 2013.