Bank ABC profit surges 54% to US$154 million
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Bank ABC (Arab Banking Corporation) yesterday announced 2022 results, reporting a total operating income that crossed the US$1 billion for the first time in the Bank’s history, with solid core business growth across the franchise, aided by higher interest rates prevalent during the year.
The strong revenues, the bank said, contributed delivering a robust overall performance during 2022, with a headline net profit attributable to the shareholders of the parent of US$154 million, up 54% on 2021.
Bank ABC’s Group Chairman, Saddek Omar El Kaber, commented, “On the back of this solid performance, we are setting bold aspirations for 2023, cautious of the expected economic headwinds such as tighter financial conditions, ongoing war in Europe and persistent inflationary conditions.
We are confident of capitalising our strengths and leveraging our investments to continue to accelerate profitable growth during 2023.”
Q4 Results
Fourth quarter consolidated net profit attributable to the shareholders of the parent was US$40 m, up 100% from US$20 m reported for the same period last year.
Earnings per share was US$0.01, comparable to US$0.01 in the same period in the previous year.
Total comprehensive income attributable to the shareholders of the parent was US$11 m, 15% lower, compared to US$13 m reported for the same period last year.
FY22 results
Full year consolidated net profit attributable to the shareholders of the was US$154 m, 54% higher from US$100 m reported for the same period last year.
Earnings per share was US$0.05, compared to US$0.03 in the previous year.
Total comprehensive income attributable to the shareholders of the parent was a loss of US$98m compared to total comprehensive income of US$105 m reported last year.
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