MENA’s award-winning international bank reflects on
its remarkable performance in 2022; shareholders approve cash payment of 1.5%
dividend or US$1.5 cents for each outstanding share (net of treasury shares)
for a total of approximately US$ 46.4 million, about 50% increase on last year.
Manama,
Bahrain: Bank ABC (Arab Banking Corporation B.S.C) held its
Annual Ordinary General Meeting (AGM) at its Head Office in Manama, Bahrain, on
19 March 2023.
During the
AGM, the Shareholders approved, amongst other resolutions, the consolidated
financial statements for the financial year ended 31 December 2022, with a net
profit attributable to shareholders of US$154 million. The results come on the
back of significant growth in core
business across the Group’s network, aided by higher interest rates prevalent
during the year, contributing towards crossing a historic US$1 billion
mark in revenue. The Shareholders also approved the Board’s recommendation to
distribute a dividend of US$46.4 million, an increase of 50% from last year,
cash payment at US$ 1.5 cent per share, from US$ 1.0 cent in 2022.
In addition to
its remarkable financial performance in 2022, the Bank achieved several
strategic milestones, which included:
- The completion of BLOM Bank Egypt and Bank ABC
Egypt’s legal merger (Legal Day 1 announced in January 2023), driving its
market position and growth strategy to new heights.
- The successful launch
of its digital, mobile-only ila Bank in Jordan, which is already creating fast-paced retail customer growth, seeking
to emulate the excellent market share gains achieved in Bahrain.
- Exemplary progress on its Wholesale Banking
digitalisation programme, with the roll out of state-of-the-art Supply
Chain Finance and Documentary Trade platforms; delivering a more enhanced,
client-centric banking experience, catering to their evolving needs.
- The expansion of AFS, the Group’s Fintech
payments subsidiary, which entered the Egyptian market with the establishment
of the AFS Egypt hub for merchant acquiring business and signed up new banking
partners across the region, significantly boosting its revenues and growth
momentum.
Bank ABC’s
Group Chairman, Saddek Omar El Kaber, remarked, “Bank ABC
Group has been diligently executing its strategy, which is bearing results
despite challenging market conditions. The Bank continues to accelerate
performance, and set bold aspirations, aiming to gain market share
notwithstanding continuing economic headwinds such as ongoing war in Europe,
persistent inflation, and tighter monetary policy in many of our markets. We
remain steadfast on capitalizing our strengths and leveraging our investments
to continue to drive profitable growth for 2023 and the years to
come.”
Mr. Saddek Omar El Kaber
