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Arab Banking Corporation Announces 13% Increase in Nine-Month Net Profit of US$178 Million
2013-10-27
Manama, Bahrain: Arab Banking Corporation (ABC) today announced that its consolidated Group net profit for the first nine months of 2013 was US$178 million, a 13% increase over the US$158 million reported for the same period last year. Net profit for the third quarter was US$66 million, 25% higher than the previous year.

Total operating income for the third quarter amounted to US$208 million, 4% higher than the US$200 million achieved during the same period last year. Robust year-on-year growth in revenues on the back of increased treasury, trade finance and Islamic activities was softened by translation impact from adverse exchange rate movements in emerging markets. Total operating expenses for the third quarter were US$99 million, marginally over US$98 million in the same period last year. Net impairment provisions for the third quarter of 2013 were US$6 million, down from US$13 million last year due to recoveries and write-backs.

Deposits continued to grow during the year from US$17.2 billion at 2012 year-end to US$ 17.7 billion. Term financing was increased by the second US$1 billion drawn in July 2013 from the US$2 billion 5-year medium term facility arranged last year to enhance the funding and liquidity position.

Shareholders’ equity at 30 September 2013 stood at US$3,884 million, compared to US$3,819 million at the end of the second quarter 2013 and US$3,778 million at 2012 year-end. Capital adequacy ratio was 22.3%, predominantly Tier 1, which totalled 18.1%.

ABC Group’s total assets stood at US$26.1 billion at the end of the third quarter, 6% higher when compared to US$24.5 billion at 2012 year-end.

ABC's Chairman, Mr. Saddek El Kaber, commented: “ABC Group’s sustained growth and improving profitability in the face of adverse market conditions in MENA and other emerging markets it operates in is a reflection of its resilience, geographical and product diversification and strong risk culture. 

ABC is a leading player in the region’s banking industry and provides innovative wholesale financial products and services that include corporate banking, trade finance, project and structured finance, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria.

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