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Bank ABC Net Profit for 2023 Surges 53% to $235mln

Bank ABC Net Profit for 2023 Surges 53% to $235mln

Bank ABC (Arab Banking Corporation) has reported a 53% jump in its annual net profit attributable to its shareholders which soared to $235 million on the back of strong core business growth and a stable funding base, combined with interest rate tailwinds and steady cost of credit.

Announcing its financial results for Q4 and full year 2023, Bank ABC said its total operating income reached a record high in the history of the group hitting $1.27 billion, up 16% growth YoY.

Balance sheet strength was also maintained, with capital and liquidity ratios at robust levels, while total assets reached $44bn, crossing the $40 billion mark for the first time from a combination of loans, securities and liquid asset growth.

Impressed with the results, the board of directors have recommended a cash dividend distribution of $70 million ($0.0225 per share or 2.25% of capital), up 50% YoY, in line with the group’s profit growth, which will be presented for approval at the Bank’s Annual General Meeting.

On its solid performance, Group Chairman Saddek Omar El Kaber said: "The Group has posted record revenues and total assets and grew net profits strongly by 53% year on year. This reflects a strong business model and diversified footprint, capable of leveraging the market opportunities amidst challenges and recovering economic conditions."

"The many awards bestowed on the group, including the prestigious Bank of the Year, Bahrain, reflect Bank ABC’s strong culture and our aspiration to remain relevant as a first Bank of choice for our customers," he stated.

El Kaber pointed out that the group’s balance sheet remained healthy and robust, with strong capital and liquidity ratios.

"Our strategy execution is firmly on track and we look forward to continuing this great momentum into 2024 on our strategic journey to build 'Mena’s international bank of the future'," he added.

On its Q4 performance, the Bahrain-based bank said its consolidated net profit attributable to the shareholders of the parent stood at $52 million, up 30% over $40 million the previous year.

Its earnings per share for the period was $0.01, compared to $0.01 in the same period last year.

Bank ABC said its total comprehensive income attributable to the shareholders of the parent was a profit of $84 million compared to a profit of $11 million, reported for the same period last year, while its total operating income hit $336 million, thus registering a 8% jump compared to last year.

During the year, Bank ABC Group won over 15 distinguished awards recognising its excellence and innovation across all business segments, including the prestigious ‘Bank of the Year 2023’ for Bahrain from The Banker (published by the Financial Times), which has been awarded to Bank ABC for the third time, it added.-TradeArabia News Service
Source: ZAWYA