Latest news with #ArabBankingCorporation
Al Bawaba
4 days ago
- Business
- Al Bawaba
Bank ABC secures upgrade from Fitch to investment grade rating BBB- reflecting continued strategic momentum
Bank ABC (Arab Banking Corporation B.S.C.), a leading international bank headquartered in the Kingdom of Bahrain, is extremely pleased to announce that Fitch Ratings has upgraded its Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+' and its Viability Rating (VR) to 'bbb-' from 'bb+', with the rating outlook as 'Stable.'Fitch has announced the rating upgrade, citing the Bank's strengthened risk profile, diversified international operations and a robust capital and liquidity position. It has also recognised Bank ABC's enhanced asset quality, prudent risk management and strategic rebalancing towards lower-risk cited the Bank's 'regional corporate franchise and wide geographical diversification' as key strengths, alongside 'well-managed market risks, adequate capitalisation, stable asset quality, funding and liquidity.' The agency also noted the improvement in the Bank's operating environment and resilience of its performance across core Fitch has reaffirmed that Bank ABC's rating is not constrained by the sovereign rating of its home market, underscoring the strength and independence of the Bank's international funding profile and offshore rating upgrade also marks the realignment of Bank ABC's ratings as investment grade across both major global agencies, with S&P also maintaining its 'BBB-' rating with Stable outlook. Commenting on the news, Sael Al Waary, Group Chief Executive Officer of Bank ABC, said: 'This upgrade is a major achievement for Bank ABC and a strong endorsement of the impact of our strategic execution and vision. It further reinforces Bank ABC's strengths, enhances access to a wider investor and funding base and reflects the competitive advantages of our international franchise. We remain committed to maintaining a strong, diversified balance sheet and creating long-term value for all our stakeholders.' © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
Zawya
5 days ago
- Business
- Zawya
Bank ABC secures upgrade from Fitch to investment grade rating BBB- reflecting continued strategic momentum
Dubai, United Arab Emirates: Bank ABC (Arab Banking Corporation B.S.C.), a leading international bank headquartered in the Kingdom of Bahrain, is extremely pleased to announce that Fitch Ratings has upgraded its Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+' and its Viability Rating (VR) to 'bbb-' from 'bb+', with the rating outlook as 'Stable.' Fitch has announced the rating upgrade, citing the Bank's strengthened risk profile, diversified international operations and a robust capital and liquidity position. It has also recognised Bank ABC's enhanced asset quality, prudent risk management and strategic rebalancing towards lower-risk markets. Fitch cited the Bank's 'regional corporate franchise and wide geographical diversification' as key strengths, alongside 'well-managed market risks, adequate capitalisation, stable asset quality, funding and liquidity.' The agency also noted the improvement in the Bank's operating environment and resilience of its performance across core markets. Importantly, Fitch has reaffirmed that Bank ABC's rating is not constrained by the sovereign rating of its home market, underscoring the strength and independence of the Bank's international funding profile and offshore liquidity. The rating upgrade also marks the realignment of Bank ABC's ratings as investment grade across both major global agencies, with S&P also maintaining its 'BBB-' rating with Stable outlook. Commenting on the news, Sael Al Waary, Group Chief Executive Officer of Bank ABC, said: 'This upgrade is a major achievement for Bank ABC and a strong endorsement of the impact of our strategic execution and vision. It further reinforces Bank ABC's strengths, enhances access to a wider investor and funding base and reflects the competitive advantages of our international franchise. We remain committed to maintaining a strong, diversified balance sheet and creating long-term value for all our stakeholders.' About Bank ABC Bank ABC is a leading global banking player and provides innovative wholesale financial products and services, including Capital Markets, Transaction Banking, Specialized Finance, Islamic Finance, Real Estate Finance and Financial Markets to Corporates and Financial Institutions. It also offers retail banking services through its extensive network of retail branches in Jordan, Egypt, Tunisia, and Algeria and through its digital, mobile-only ila Bank in Bahrain and Jordan. For further information, please contact Group Corporate Communications on: Media@
Zawya
5 days ago
- Business
- Zawya
Fitch upgrades Bank ABC's long-term IDR
Bahrain - Bank ABC (Arab Banking Corporation), a leading international bank based in Bahrain, announced yesterday that Fitch Ratings has upgraded its Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+' and its Viability Rating (VR) to 'bbb-' from 'bb+', with a 'Stable' outlook. The upgrade means Bank ABC now holds investment grade ratings from both major global agencies, with S&P also maintaining its 'BBB-' rating with a 'Stable' outlook. Fitch cited Bank ABC's strengthened risk profile, diversified international operations, and robust capital and liquidity as key factors. The agency also highlighted the bank's prudent risk management and strategic shift toward lower-risk markets. Fitch noted the bank's 'regional corporate franchise and wide geographical diversification' as significant strengths, alongside 'well-managed market risks, adequate capitalisation, stable asset quality, funding and liquidity.' The agency also acknowledged improvements in the bank's operating environment and consistent performance across core markets. Crucially, Fitch reaffirmed that Bank ABC's rating is 'not constrained by Bahrain's sovereign rating', underscoring the strength and independence of the bank's international funding and offshore liquidity profile. Bank ABC group chief executive Sael Al Waary called the upgrade 'a major achievement for Bank ABC and a strong endorsement of our strategic execution and vision.' He added that it 'reinforces Bank ABC's strengths, enhances access to a wider investor and funding base, and reflects the competitive advantages of our international franchise.' Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
12-05-2025
- Business
- Zawya
Bahrain: Bank ABC delivers 11% underlying growth in Q1
Bahrain - Bank ABC Group (Arab Banking Corporation) has made a resilient start to the year, against a backdrop of challenging economic conditions, reporting a net profit attributable to the shareholders of the parent of $76 million, representing a 1 per cent headline increase over the corresponding period last year. Adjusted for foreign exchange translation differences, underlying net profit rose by a robust 11pc year-on-year (YoY), reflecting strong growth in the group's core businesses. Earnings per share for the period was $0.022, compared to $0.021 in the same period last year. Total comprehensive income attributable to the shareholders of the parent was a positive $154m in Q1 2025 as compared to a negative $28m during the same period last year. The group benefited from the strengthening of the BRL against the USD in Q1 2025 as compared to Q1 2024, which was impacted by devaluation of Egyptian Pound against USD. Headline total operating income for Q1 2025 was $332m, a 3pc reduction compared to $343m reported for the same period last year. Underlying total operating income for Q1 2025 was $360m, compared to $343m for the same period last year, a YoY growth of +5pc, similarly adjusting for FX impact. Equity attributable to the shareholders of the parent and perpetual instrument holders at the end of the period was $4,266m, compared to $4,207m reported at the 2024 year-end, after absorbing the impact of dividend payment. Total assets stood at $45.7 billion as at the end of Q1 2025, compared to $46.3bn at the 2024 year-end, a 1pc reduction, reflecting short-term asset and liability management fluctuations. Healthy capital and liquidity ratios: Tier 1 Capital ratio at 15pc of which CET 1 was at 13.2pc, while LCR and NSFR were at 209pc and 126pc respectively. Despite the backdrop of persistent economic and geopolitical uncertainty, the group maintained its strategic focus on accelerated growth, while maintaining healthy capital and liquidity buffers, cost control and stable credit provisions. Bank ABC's business excellence, client-centricity and innovation leadership continue to receive regional and international recognition. Recent accolades include the 'Best Bank for Trade Finance in Bahrain' from the Global Finance World's Best Trade Finance Awards and 'World's Best Financial Innovation Lab Award for ABC Labs' from the Global Finance Innovators Awards. Moreover, Bank ABC's Islamic subsidiary was honoured as 'The Best Islamic Corporate Bank in Bahrain' and the 'Best Digital Offering by an Islamic Bank in Bahrain' by the Islamic Finance News Awards. Bank ABC's group chairman Naji Belgasem commented: 'We are pleased with this robust start to the year. While escalating global trade tensions continue to cast a shadow on business sentiment, Bank ABC has repeatedly demonstrated its ability to navigate uncertain conditions, while delivering sustainable underlying growth. Our newly constituted board of directors is fully committed to delivering long-term shareholder value, whilst remaining focused on prudent risk management and sound corporate governance.' Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
17-03-2025
- Business
- Zawya
Bank ABC approves $85mln dividends for FY 2024
Bahrain-based Bank ABC (Arab Banking Corporation) has announced that its board has secured approval from its shareholders for distribution of $85.1 million as 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. (
