Bank ABC announces Nine Months 2021 results with a net profit of US$80 million attributable to the shareholders of the parent

Bank ABC announces Nine Months 2021 results with a net profit of US$80 million attributable to the shareholders of the parent

Bank ABC (Arab Banking Corporation B.S.C.) – Bahrain Bourse Trading Code “ABC” – today announces its results for the first nine months of 2021. The Group delivered improved profitability during the nine months of 2021 benefitting from strong performance across its core markets. On August 11th, the Group achieved a key milestone by successfully completing the acquisition of BLOM Bank Egypt S.A.E (“BBE”), with its results being fully consolidated within Bank ABC Group for the first time during Q3 2021. BBE is a leading bank in Egypt with national presence through 41 branches, assets of US$3.1 billion, deposits of US$ 2.7 billion and 1,000 employees as of 30 Sep 2021. BBE’s strength in customer outreach is expected to further expand Bank ABC Egypt’s international business model. The legal merger of the two banks, expected around the end of Q1 2022 (subject to regulatory approval), will significantly deepen our presence in Egypt to build a powerhouse in this market of fundamental importance to our MENA aspirations. Bank ABC’s Group Chairman, Mr. Saddek Omar El Kaber commented, “We are extremely pleased with our performance for the nine months of 2021. The Group successfully and steadily resumed its path to normal profitability whilst