The bank, which operates 75 branches, has cut costs and 118 jobs due to a challenging market with an increasing level of regulatory uncertainty, according to chief executive Tirad Al Mahmoud.
Still, the bank plans to open at least five more branches this year and is also opening branches in Sudan and Qatar to add to its branches in the United Kingdom, Iraq and Saudi Arabia.
It also completed a sharia-compliant Tier 1 sukuk in November last year to build its Tier-1 capital ratio.