Latest news with #BankABC
Al Bawaba
3 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
3 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
3 days ago
- Business
- Zawya
Bahrain-listed companies' net profits rise 2.2%
Bahrain - Bahrain-listed companies saw a modest uptick in net profits during the first quarter of 2025, climbing 2.2 per cent year-on-year to $465.3 million. Analysis by Kuwait-based Kamco Invest shows that this slight increase was primarily driven by strong performance in the banking, transportation, and capital goods sectors, which helped offset declines across the majority of the exchange's 14 industry segments. The banking sector emerged as the clear leader, with its net profits surging 16.8pc to $289.4m in Q1-2025. This boost largely stemmed from Bahrain Islamic Bank, which reported a multi-fold increase in net profits to $26.5m. The bank's improved performance was attributed to higher net interest income, despite a dip in non-interest income and increased impairments. Arab Banking Corporation (Bank ABC) posted the highest net profits among Bahraini banks, reaching $76m, a slight rise from the previous year, aided by reduced impairments. National Bank of Bahrain also saw a 2.2pc gain in net profits, hitting $74.6m, propelled by an increase in non-interest income. In contrast, the materials sector experienced a significant setback, with net profits plummeting 25.9pc to $48.1m. Alba, the sector's sole constituent, cited higher production costs as the main culprit, which eroded its EBITDA and ultimately its bottom line. This occurred despite a 20pc rise in LME aluminium prices and a 38pc increase in premiums. The telecom sector also faced headwinds, with total net profits declining 3pc to $51.1m. Batelco (Beyon), the dominant player, reported a 3.8pc drop in net profits to $48m. The company attributed this decline to the implementation of Domestic Minimum Top-Taxes (DMTT), which took effect on January 1, 2025, as well as costs associated with acquisitions completed in 2024. Meanwhile, aggregate net profits for companies listed on GCC exchanges rose 2pc year-on-year in the first quarter of 2025, reaching $58.6 billion, primarily driven by strong performances in the banking, telecom, and real estate sectors. This modest improvement came despite a 5.7pc decline in profits from the energy sector, largely due to a 7.5pc year-on-year drop in net profits from Saudi Aramco. Excluding Aramco's results, total GCC corporate profits would have increased by 10.7pc in Q1 2025. The GCC banking sector was a significant positive contributor, with aggregate earnings surging 10pc year-on-year to $16bn. Banks in Abu Dhabi, Saudi Arabia, and Bahrain all reported double-digit profit growth. While the energy sector as a whole saw a decline, 17 out of 27 listed energy companies reported improved net profits. The GCC telecom sector experienced a robust 45.3pc year-on-year growth in net profits, reaching $3.5bn, with broad-based double-digit gains across most GCC countries. The GCC real estate sector also posted a strong performance, with net profits increasing by 55.5pc year-on-year to $2.9bn. This growth was led by substantial gains in the UAE, where real estate company profits rose 38pc to $2.1bn, and in Saudi Arabia, which saw a multi-fold increase to $472.7m. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
3 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
5 days ago
- Business
- Zawya
Bank ABC Islamic named ‘Best Sukuk House in Bahrain'
Bahrain - Bank ABC Islamic has been recognised as the 'Best Sukuk House in Bahrain' at the Euromoney Islamic Awards 2025. This award highlights the bank's excellence in Islamic finance and its commitment to offering Sharia-compliant banking solutions across the MENA region and globally. The prestigious award was presented on May 20 in Dubai, at a ceremony attended by industry experts and peers. By offering superior Sharia-compliant financial products and services, Bank ABC Islamic has significantly expanded its market share across the MENA region and served clients across its network markets. The bank has provided inclusive Islamic financial solutions tailored to regional needs, further strengthening its foothold in the MENA region. The Islamic Bank's alignment with sustainability principles further underscores its commitment to generating positive social and environmental outcomes alongside financial returns. Commenting on this achievement, Hammad Hassan, Managing Director, Bank ABC Islamic & Group Head of Islamic Banking at Bank ABC, said: 'It is a great honour to be named 'Best Sukuk House in Bahrain' at the Euromoney Islamic Finance Awards 2025. This award reflects our commitment to advancing Islamic finance in the region and globally, and our efforts dedicated towards delivering genuine Sharia-compliant financial solutions aligned with Bank ABC's overarching sustainability goals. I thank Euromoney for recognising our growth and innovation in our Islamic Banking offering, as well as the team behind Bank ABC Islamic and our product partners across Bank ABC Group for their focused efforts and perseverance." Bank ABC Islamic has been instrumental in facilitating high-profile Sukuk transactions, including multi-million-dollar issuances that underscore its expertise and thorough understanding of client needs. The bank recently played a key role as joint lead manager in a landmark sustainable Sukuk issuance and served as co-lead manager in a major green Sukuk offering by a prominent Gulf conglomerate. Over the last few years, the bank has played a pivotal role in enabling large corporate Issuers from the US and Europe tap Islamic liquidity from the region for the first time, and these mandates have received largescale industry recognition. This was achieved through the close collaboration of Bank ABC Islamic's structuring team and Bank ABC Group's Debt Capital Markets platform, with its strong product and distribution capabilities, which come together very successfully. alburaq, Bank ABC Islamic's fully digital Islamic banking window, has also seen great success. Designed to deliver seamless Sharia-compliant digital banking services, alburaq has reinforced Bank ABC Islamic's position as a frontrunner in state-of-the-art Islamic finance. Ben Naylor, Global Head of Research, Euromoney, commented: ''Bank ABC Islamic led Bahrain's Sukuk market, closing 16 mandates worth $12 billion. Highlights include landmark deals for AerCap, Turkey, and Dubai Islamic Bank. Its Islamic structuring expertise, and ESG-focused issuances cemented its position as a top Sukuk arranger.' Bank ABC Islamic's focus on digital innovation, product development, and sustainable Islamic finance continue to set new standards in the industry. With this solid foundation, Bank ABC Islamic is ready to further develop the Islamic sustainable finance market globally, offering Shari'a-compliant banking products and services to a broader investor base. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
