Bank ABC approves $85mln dividends for FY 2024
This is approximately 30% of the group's annual profits attributed to the shareholders of the parent. This dividend per share stands at $2.75 cents, marking a 22% increase compared to the previous year.
The announcement came during the Annual Ordinary General Meeting (AGM) held today (March 16) at its headquarters in Manama, Bahrain under the chairmanship of Saddek Omar El Kaber.
During the AGM, the shareholders approved the consolidated financial statements for the financial year ended December 31, 2024. Also they elected new members to the Group Board for the 15th term.
For FY 2024, the Bank ABC had reported a record net profit attributable to shareholders of the parent of $285 million, reflecting a significant growth of 21% year-on-year (YoY) - the highest in the Group's history from continuing business operations.
This remarkable performance was driven by strong core business growth, a stable funding base, and disciplined management of operating and credit costs, said the bank in its statement.
A key highlight of the AGM was the appointment and election of the new board of directors for its 15th term (2025-2028), as follows:
The Central Bank of Libya appointees are Naji Mohamed Issa Belgasem; Amer Mohamed Karkar and Mohamed Hassadi, while Kuwait Investment Authority appointees are Abdulaziz Fahad Alhudaib, Edrees Ahmad.
The elected nominees by private sector are: Khalil Ibrahim Nooruddin; Dr. Marouane El Abassi; Dr. Ibrahim Eldanfour and Manaf Abdulaziz Al Hajiri.
Reflecting on this milestone year, El Kaber said: "This achievement underscores the strength of the bank's strategy and the unwavering commitment of its management and employees."
"As the board welcomes its new members, the Group's solid balance sheet, prudent governance, and risk management approach, alongside its accelerated digital transformation and sustainability agendas, will ensure that Bank ABC to continues its growth trajectory into 2025 and beyond," he stated.
Group CEO Sael Al Waary said: "Bank ABC has once again demonstrated resilience and excellence, delivering record-breaking results in 2024. This achievement is a testament to our relentless focus on innovation, digital transformation, and disciplined execution of our strategic priorities."
"As we look to the future, we remain committed to creating value for our shareholders, enhancing customer experiences, and driving sustainable growth. With a dynamic new Board and a dedicated leadership team, we are well-positioned to navigate evolving market dynamics and continue shaping the future of banking in the Mena region and beyond," he added. -TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Web Release
2 hours ago
- Web Release
Hotelier Nights at Radisson Resort Ras Al Khaimah, Marjan Island!
RBG Bar Hotelier Nights We are calling all the Hoteliers this August and September to come and join us every Sunday till Thursday for our Hotelier Night at RBG Bar! Enjoy an exclusive 50% off your entire food and drink order from our à la carte menu. For those who wish to challenge their friends, we will have board games and cards. Price: 50% off on Food and Drinks for all Hoteliers. T&Cs: To be eligible for the promotion, please bring along your employee ID. Every Sunday – Thursday from 4pm till 1am. Location: Radisson Resort Ras Al Khaimah, Marjan Island, Marjan Island, Ras Al Khaimah Opening Timings: • Daily 4:00 pm – 1:00 am For more information, please call +971 (0) 50 419 4908 Email: [email protected] Radisson Resort Ras Al Khaimah, Marjan Island's leisure facilities include a private beach, two swimming pools, a designated kids pool, an indoor fitness center with a fully-equipped gym, and a spa, as well as two meeting rooms and a ballroom perfect for larger corporate events and private events like weddings. The resort also offers a diverse selection of dining options across its six restaurants RADISSON HOTEL GROUP Radisson Hotel Group is a rapidly expanding international hotel group, operating in EMEA and APAC with over 1,460 hotels in operation and under development in +95 countries. The Group's overarching brand promise is Every Moment Matters with a signature Yes I Can! service ethos. The Radisson family of brands portfolio includes Radisson Collection, art'otel, Radisson Blu, Radisson, Radisson RED, Radisson Individuals, Park Plaza, Park Inn by Radisson, Country Inn & Suites by Radisson, and Prize by Radisson brought together under one commercial umbrella brand Radisson Hotels. Radisson Rewards is Radisson Hotel Group's loyalty program, which delivers an elevated experience that makes Every Moment Matter, counting more than 20 million members. As the most streamlined program in the sector, members enjoy exceptional advantages and can access their benefits from day one across a wide range of hotels in Europe, Middle East, Africa, and Asia Pacific. Radisson Meetings provides tailored solutions for any event or meeting, including hybrid solutions placing guests and their needs at the heart of its offer. Radisson Meetings is built around three strong service commitments: Personal, Professional and Memorable, while delivering on the brilliant basics and being uniquely Carbon Compensated. At Radisson Hotel Group we care for people, communities and planet and aim to be Net Zero by 2050 based on the approved Science Based Targets. With unique solutions such as carbon compensated Radisson Meetings, we make sustainable hotel stays easy. To facilitate sustainable travel choices, all our hotels are becoming verified on Hotel Sustainability Basics. The health and safety of guests and team members remain a top priority for Radisson Hotel Group. All properties across the Group's portfolio are subject to health and safety requirements, ensuring we always care for our guests and team members. For more information, visit our corporate website. Or connect with Radisson Hotels on: LinkedIn | Instagram | X | Facebook | YouTube | TikTok
Al Etihad
8 hours ago
- Al Etihad
Abu Dhabi clubs gear up for Pro League season
14 Aug 2025 00:39 ABU DHABI (ALETIHAD)As the countdown goes down to the start of the ADNOC Pro League's new season, clubs are burning the midnight oil to pick up players even though the transfer window remains open until October clubs are trying to get their new signings into the country as early as possible while the season's opening fixtures are set to unfold on Saturday and Sunday, marking the 18th staging of the league in its professional season's launch was preceded by a formal draw event held at ADNOC headquarters in Abu Dhabi. The event was attended by dignitaries, including Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC CEO, as well as Abdulla Al Jneibi, Chairman of the UAE Pro League and First Vice President of the UAE Football the draw introduced a novel AI-driven schedule mechanism, designed to distribute high-profile matches evenly across rounds, avoid clustering matches within the same city, and respect clubs' continental commitments. The first round has ensured easy match-ups for the top-table clubs from last year's standings, thus expecting a flying first round will feature the following pairings: Shabab Al Ahli vs Al Dhafra; Dibba vs Sharjah; Al Ain vs Al Bataeh; Ittihad Kalba vs Al Nasr; Ajman vs Al Wahda; Khor Fakkan vs Al Jazira; and Al Wasl vs Bani clubs based out of the Abu Dhabi emirate, Al Jazira have bolstered their squad by securing Brazilian defender Willyan Rocha from CSKA Moscow in their latest addition. He joins the 'Pride of Abu Dhabi' club, comprising foreign players such as Egyptians Ibrahim Adel and Mohamed Elneny, French playmaker Nabil Fekir, and the Argentine forward Roman Merez. Rocha's arrival underscores Al Jazira's ambition to enhance defensive depth while maintaining creative midfield and attacking Ain will commence the season against newly promoted Al Bataeh. The leading club from Al Ain Region strengthened their squad in June by recruiting Houssine Rahimi on a four-year contract; the midfielder comes from Raja Casablanca and joins his brother, Soufiane, at the Wahda, another prominent Abu Dhabi-based side, will face Ajman in the opening Yas executed a flurry of transfer activity in recent days, adding several foreigners to their roster. They signed Brazilian midfielder Kaiki Pereira (25), previously with Botafogo and Spartak Subotica; UAE international Mackenzie Hunt (23), from Fleetwood Town in England; and Tunisian playmaker Oussama Abeid (23), from Étoile du Sahel. The club complemented these with other signings and who were presented in front of iconic local backdrops. Uzbek player Akmal Muzgovoi was announced via visuals at Yas Marina Circuit, Mali's Mahamadou Camara was introduced through heritage-themed content, and Ivorian striker Ismaël Touré was revealed using footage from Zayed International Bataeh, meanwhile, signed Guinean midfielder Omar Keita, 22, on loan from Shabab Al Ahli. Al Dhafra have added Moroccan striker Karim El Berkaoui, 30, on a free transfer for one season. Among the Dubai clubs, Al Wasl have unveiled their marquee acquisition, Sergio Pereira Andrade or Serginho, from Cape Verde. He joins from the Danish club Viborg. The signing for the club, nicknamed Emperors, was publicised through a creative video produced at the Jebel Ali racecourse – colloquially called the 'Yellow Track.' The distribution of matchups through the AI-based draw system aims to set an even competitive tone in the initial rounds. Clubs will aim to deploy their enhanced rosters effectively in order to commence the season with results that reflect their aspirations.
Tahawul Tech
11 hours ago
- Tahawul Tech
Bahrain sets global benchmark with GCC's first stablecoin regulatory framework
Bahrain has taken a landmark step in shaping the future of digital finance with the launch of the GCC's first comprehensive Stablecoin Issuance and Offering (SIO) framework. Supervised by the Central Bank of Bahrain, the new regulation delivers legal clarity, robust licensing requirements, and internationally aligned standards drawn from MiCA, FATF, FSB, and NIST. Designed to strike a careful balance between innovation and investor protection, the framework includes strict reserve backing, redemption guarantees, independent audits, and advanced cybersecurity protocols—while also giving fintechs the flexibility to innovate through supervised yield models, multiple fiat options, and access to the regulatory sandbox. Tariq Mattar, Director, Bahrain FinTech Bay and Co-Chair of the Bahrain Chapter of the MENA Fintech Association, spoke to Sandhya D'Mello, Technology Editor, CPI Media Group, about how, by aligning with global regulatory benchmarks, Bahrain is enhancing cross-border interoperability, paving the way for faster, safer GCC-wide payments and digital trade. Combined with its supportive ecosystem—powered by local talent, government-backed funding, and the collaborative #TeamBahrain approach—the Kingdom is positioning itself as a launchpad for startups in digital assets, tokenisation, and Web3 technologies. Bahrain FinTech Bay remains central to this vision, serving as the ecosystem builder driving adoption, education, and high-impact innovation in the Kingdom's evolving financial landscape. Interview Excerpts: Bahrain recently introduced the region's first comprehensive Stablecoin Issuance and Offering (SIO) framework. Could you share how this positions Bahrain uniquely within the global fintech landscape? As the first country in the GCC to launch a dedicated, centralised regulatory framework for stablecoins, supervised directly by our regulator, the Central Bank of Bahrain (CBB). This national-level framework provides legal clarity and a defined licensing regime for issuers, custodians, wallet providers, and payment facilitators. By doing so, the nation is solidifying its position as a launchpad for the future of digital finance. The SIO framework positions the Kingdom as the regional first mover with a stablecoin-specific regulatory module. It also positions the country as a globally aligned hub that incorporates best-practice standards from MiCA (EU), FATF, FSB, and NIST, and a jurisdiction with clear legal certainty and investor safeguards through mandatory licensing, prudential capital requirements, and redemption guarantees. This also reinforces our reputation as a forward-thinking financial centre that embraces innovation while maintaining strong oversight. Balancing innovation with investor protection is critical in digital finance. How does the new regulatory framework ensure that innovation thrives without compromising investor trust and safety? The SIO regulatory framework is one of the most comprehensive frameworks in the region, with clear legal classifications for different types of stablecoins (e.g., fiat-backed, crypto-collateralised, and algorithmic). It embeds investor safeguards at its core while enabling innovation through flexibility and regulatory support. Designed around ten regulatory pillars, the framework safeguards investor trust without stifling innovation. The key safeguards include full 1:1 reserve backing to ensure stability, permanent redemption rights at par value, monthly independent audits for transparency, NIST-based cybersecurity standards to protect users, and strict AML/CFT compliance in line with FATF, including transaction monitoring and suspicious activity. The framework also supports innovation by allowing multiple fiat currencies, yield models under supervision, and access to the CBB's regulatory sandbox, thus creating a safe, structured environment for testing new ideas. Given that Bahrain's new regulation aligns with global standards like FSB, FATF, MiCA,and NIST, how will this impact cross-border transactions and interoperability within the GCC region? By aligning with these regulatory benchmarks, Bahrain is not only strengthening its framework but also positioning itself as a credible and interoperable player in the international financial ecosystem. The FSB's reserve and redemption requirements, embedded in Bahrain's framework, make Bahraini-issued stablecoins more secure and reliable for cross-border use. FATF-aligned AML/CFT measures reduce compliance risks in remittances and ensure compatibility with established global payment networks. In parallel, the MiCA-inspired licensing, reserve management, and disclosure requirements create a unified language that allows GCC-based fintechs and EU firms to transact seamlessly. NIST-driven cybersecurity standards further enhance trust and resilience for cross-border settlements. So altogether, this alignment creates an environment where Bahraini stablecoins can facilitate GCC-wide interoperability, supporting faster, safer cross-border payments, remittances, and digital trade settlements. What specific opportunities does Bahrain's progressive stance on stablecoins and digital assets create for fintech startups looking to scale in the region? We are at a stage where we are currently exploring exciting, innovative use cases across the digital asset space in the Kingdom of Bahrain. The kingdom offers an ideal environment for fintech growth, combining robust, forward-looking regulation with exceptional local talent, supportive funding through our Labour Fund Tamkeen, and a unified #TeamBahrain approach. This makes the kingdom the ideal environment for innovation, where ideas can be developed or scaled from Bahrain to the rest of the world. A key enabler in this process is the regulatory sandbox where startups can test solutions under the Central Bank of Bahrain's oversight. Startups can build and expand their products in areas such as cross-border payments, tokenised assets, e-commerce micropayments, and Sharia-compliant digital finance. The ability to issue stablecoins in BHD or USD is another significant competitive advantage in the region. With all of these advancements in place, Bahrain strengthens its position as a strong hub where companies can scale their innovations and expand from the Kingdom to global markets. Looking ahead, how do you see the regulatory landscape in Bahrain evolving, particularly in areas like Web3 and crypto-assets, and what role will Bahrain FinTech Bay play in this journey? With the CBB's clear direction and progressive stance, Bahrain is well-positioned to lead in emerging areas such as Web3, digital assets, and tokenisation. At Bahrain FinTech Bay, we are committed to playing a key role in shaping the future of digital finance, driving adoption, increasing knowledge and awareness across key topics such as stablecoins, tokenisation, digital assets, and AI, and facilitating high-impact innovative use cases. It all ties back to our role and mission as an ecosystem builder, ensuring that we bring together the full spectrum of market participants. This enables Bahrain to remain a strong, well-regulated hub for digital finance, where innovation and investor protection go hand in hand.
