Bank ABC H1 net profit jumps 27% to $70mln; revenue at record

Bank ABC H1 net profit jumps 27% to $70mln; revenue at record

Bahrain-headquartered Bank ABC has seen first-half (H1) net profit attributable to the shareholders of the parent jump 27% YoY to $70 million, while its total operating income crossed the $500 million mark for the first time in history.

The group is weathering the unexpected headwinds from geopolitical developments and persistent high inflation across some markets, being counterbalanced by sustained high oil prices and improving economic activity in other markets, as well as rising interest rates.

Total operating income grew both on a headline (28%) and underlying (31%) basis reflecting higher interest rates and volumes, consistent margins and also benefiting from consolidation of BBE.

Operating expenses

Operating expenses on a headline basis were higher than 2021, with integration of BBE and with the business returning to normal level of activity compared to previous year. The group remains focused on disciplined cost control while continuing to invest into digital transformation to build its ‘bank of the future’.

The balance sheet remains strong with capital and liquidity ratios well above the regulatory requirements: the Group’s T1 Ratio is 16.6%, comprising predominantly 14.7% CET1, LCR 244% and NSFR 126%.

Bank ABC's Group Chairman, Saddek Omar El Kaber, remarked: “We are extremely pleased with the group’s performance with historic achievement in