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Arab Banking Corporation (ABC) announces 13% increase in first quarter profit to US$54 million

Mr. Hassan Juma, President & Chief Executive of ABC Mr. Saddek El Kaber, ABC's Chairman

Mr. Hassan Juma,
President & Chief Executive of ABC

Mr. Saddek El Kaber,
ABC's Chairman

Manama, Bahrain: Arab Banking Corporation today announced that its consolidated Group net profit for the first quarter of 2012 was US$54 million, 13% higher than the first quarter of last year.

Operating revenues rose to US$214 million, 9% growth over the first quarter of last year. Both interest and non-interest income contributed to the US$17 million increase in operating revenues. Operating expenses of US$99 million were at the same level as last year resulting in cost/income ratio improving to 46% from 50% last year. Net impairment provisions were US$15 million against US$7 million last year.

Shareholders’ equity at 31 March 2012 stood at US$3,674 million compared to US$3,598 million at 2011 year-end. ABC group’s capital adequacy ratio at 23.3% was substantially above the regulatory minimum (12%) and comprised of predominantly Tier 1, which totalled 19.1%. Liquid assets to deposits ratio stood at 63% compared to 64% at 2011 year-end.

ABC Group’s total assets stood at US$25.9 billion at the end of the first quarter compared to US$25 billion at 2011 year-end.

Mr. Hassan Juma, President & Chief Executive of ABC, said, “This is the fourth year of sustained profit growth at ABC. There are still financial and economic headwinds in MENA and Eurozone countries and we continue to remain vigilant with strict risk and cost discipline in force. The strong start to the year following the excellent results of last year reflects the good performance by all ABC units in challenging environments.”

ABC's Chairman, Mr. Saddek El Kaber stated, “I am pleased at the first quarter result which sets the platform for the rest of the year. Given ABC’s track record in overcoming tough conditions, its geographic reach and strong financial position backed by steadfast shareholder support I have every confidence in ABC’s sustained growth going forward.”


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