Bank ABC Group’s net profit surges to $154mln: Bahrain

Bank ABC Group’s net profit surges to $154mln: Bahrain

Bank ABC Group (Arab Banking Corporation) has reported its total operating income crossed the $1 billion mark during 2022 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.

These strong revenues contributed to the group delivering a robust overall performance during 2022, with a headline net profit of $154 million, up 54 per cent on $100m in 2021.

A significant 29pc headline increase supported by growth across all the core markets and beneficial interest rates environment in addition to consolidation of full-year results of BLOM Bank Egypt (BBE) (2021 included five months of BBE revenues).

Operating expenses was higher by 21pc mainly due to full-year costs of BBE during 2022 (2021 included five months of BBE costs) and costs returning to pre-pandemic levels in core markets.

The group also continued its investments into its strategic digital initiatives to build its ‘bank of the future’.

Balance sheet remains strong with capital and liquidity ratios well above the regulatory requirements: the group’s T1 ratio is at 15.7pc, comprising predominantly CET1. LCR 225pc and NSFR 124pc.

Consolidated net profit for the three months of Q4 2022 was $40m, $20m higher, a growth of