(MENAFN- Bank ABC) 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.”
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