Bank ABC reports Q3, nine-month profit | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Bank ABC reports Q3, nine-month profit | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Bank ABC (Arab Banking Corporation) yesterday reported profits for its third quarter and nine-month helped by strong performance across its core markets. “The Group successfully and steadily resumed its path to normal profitability whilst the execution of the strategy has accelerated demonstrating the depth of the Group’s resilience,” said Bank ABC’s Group Chairman, Saddek Omar El Kaber. “We look forward to concluding the year on a strong note having successfully navigated through the challenges of the pandemic over the last 18 months and having completed the acquisition and consolidation of BBE.” The Group also said it expects the legal merger of BLOM Bank Egypt with Bank ABC by the end of Q1 2022 will significantly “deepen our presence in Egypt to build a powerhouse in this market of fundamental importance to our MENA aspirations.” Consolidated net profit attributable to the shareholders of the parent was US$25 million, 127% higher compared to a net profit of US$11 m reported for the same period last year. Earnings per share were US$0.01 compared to minimal in the same period in the previous year. Total comprehensive loss attributable to the shareholders of the parent was US$29 m, compared to an income of US$38 m