APICORP posts 17% increase in net recurring income – Saudi Gazette

APICORP posts 17% increase in net recurring income – Saudi Gazette

Building on record performance in 2018, APICORP posted strong results including a 17 percent Y-O-Y increase in net recurring income to $112 million up from $96 million (excluding non-recurring items) at year end 2018.APICORP's strong profitability in 2019 was driven by Corporate Banking and Treasury, whose gross income increased 32 percent and 24 percent Y-O-Y to reach USD201 million and $80 million, respectively.. The Corporation's balance sheet growth remained strong and resilient in 2019, with a 5.7 percent increase from $6.95 billion to $7.35 billion from the previous year.. Leverage (debt-to-equity ratio) remained in check reaching 2.13 in December 2019 compared to 2.07 in the same period last year, and capital adequacy improved slightly from 29.34 percent in 2018 to 29.6 percent in 2019.In October 2019, APICORP's overall credit rating was upgraded by Moody's to 'Aa2' with a stable outlook from 'Aa3'.. The increase in net recurring income by 17 percent and Moody's credit rating upgrade are both significant milestones that stand as a testament to. I believe that the work that we have put into diversifying our portfolio in terms of sectors and geography as well as our broad investor base, coupled with our strong financial position, will serve