Latest news with #SaddekOmarElKaber
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. (
Al Bawaba
17-03-2025
- Business
- Al Bawaba
Bank ABC 2025 AGM Approves USD 85.1 Million Dividend Distribution and Elects New Members to the Group Board for the 15th Term
Bank ABC (Arab Banking Corporation B.S.C) held its Annual Ordinary General Meeting (AGM) on 16 March 2025 at its Headquarters in Manama, Bahrain. The meeting was chaired by Mr. Saddek Omar El Kaber, Chairman of the Group the AGM, shareholders approved the consolidated financial statements for the financial year ended 31 December 2024. Bank ABC reported a record net profit attributable to shareholders of the parent of USD 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 also approved a cash dividend distribution of USD 85.1 million, approximately 30% of the Group's annual profits attributed to the shareholders of the parent. This dividend per share stands at USD 2.75 cents, marking a 22% increase compared to the previous year. This strategic decision ensures that the Group maintains a solid capital position while continuing to invest in future growth. 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: Central Bank of Libya appointees:H.E. Mr. Naji Mohamed Issa BelgasemMr. Amer Mohamed Karkar Mr. Mohamed Hassadi Kuwait Investment Authority appointees:Mr. Abdulaziz Fahad AlhudaibMr. Edrees AhmadElected Nominees by Private sector:Mr. Khalil Ibrahim NooruddinDr. Marouane El Abassi Dr. Ibrahim Eldanfour Mr. Manaf Abdulaziz Al HajiriReflecting on this milestone year, Bank ABC's Group Chairman, Mr. Saddek Omar El Kaber, stated: 'On behalf of the Board, I extend our sincere appreciation to the outgoing Directors for their invaluable contributions over the years, which have culminated in Bank ABC's historic performance in 2024. 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.' Sael Al Waary, Group CEO of Bank ABC, added: '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.' © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
Trade Arabia
16-03-2025
- Business
- Trade Arabia
Bank ABC approves $85m 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
Al Bawaba
10-02-2025
- Business
- Al Bawaba
Bank ABC announces its financial results for the year ended 31 December 2024
Bank ABC (Arab Banking Corporation B.S.C.) - Bahrain Bourse Trading Code 'ABC' - today announces its financial results for Q4 and full year ABC continued its strong performance, delivering record-breaking results during 2024 reporting annual Net Profit attributable to its shareholders of US$285 million, a growth of 21% year-on-year (YoY) to reach its highest level in the Group's history (from continuing business operations). This was achieved on the back of strong core business growth, a stable funding base and steady cost of credit. Total Operating Income also reached a record high at US$1,339 million, a 5% growth YoY despite of FX headwinds in some of the key markets. The Group's Balance sheet strength was also maintained its strength, with capital and liquidity ratios at robust levels, while total assets reached US$46bn. On this occasion, the Board of Directors are pleased to recommend a cash dividend distribution US$0.0275 per share a 22% increase YoY, which represents 30% of profit attributable to the shareholders of parent, approximately US$85.5m (2.75% of equity capital). This is subject to relevant regulatory approvals and will be presented for approval at the Bank's Annual General Meeting. Bank ABC continued to make rapid progress on its strategic plan, while successfully navigating challenging economic and geopolitical conditions, continuing to achieve major milestones on its digital and operational transformation journey. Its business excellence, client-centricity and leadership in innovation were recognised by several distinguished regional and international awards platforms. Notable among the many awards received were the 'Best Bank in the Middle East' for 'Innovation in Digital Banking' and 'Transaction Banking' in 2024 by The Banker – Financial Times; the Best Trade Finance Provider in the Middle East by Global Finance and Global Trade Review (GTR) and 'Bahrain's Best Digital Bank' by Euromoney. Moreover, Bank ABC's digital, mobile-only ila Bank was honored as 'Bahrain's Best Consumer Digital Bank' by Global Finance for the fourth consecutive year, alongside six additional awards for excellence. Bank ABC's Group Chairman, Mr. Saddek Omar El Kaber remarked, 'We are proud of having achieved these record-breaking results, with Net Profit from our business at the highest it's ever been in the Bank's history. The Group started the year on a strong footing and maintained its core business growth momentum throughout the year, reaching 21% YoY. This reflects the Bank's strong and diversified business model and its capabilities to leverage market opportunities and create value for our investors. Impressively, this was also achieved while maintaining a robust Balance Sheet, with strong capital and liquidity ratios giving growth capacity for 2025. The accelerated and firm delivery of the Bank's strategy combined with the dedication of its talented team have led to these significant milestones and excellent international recognition through multiple awards, as it continues to strengthen its position as 'MENA's international bank of the future.' Performance Highlights for the fourth quarter (3 months) of 2024 Consolidated net profit attributable to the shareholders of the parent, was US$70 million, 35% higher compared to US$52 million reported for the same period last year. Earnings per share for the three-month period was US$0.022 per share, compared to US$0.017 per share in the same period last comprehensive income attributable to the shareholders of the parent was affected by the sharp devaluation of the Brazilian Real against the US$. Total comprehensive income attributable to the shareholders of the parent was a negative US$48 million compared to a positive US$84 million, reported for the same period last operating income for Q4 2024 was US$337 million, slightly higher compared to US$336 million reported for the same period last year. Adjusting for FX translation effects, mainly from EGP and BRL depreciation, underlying total operating income would have been US$363 million, 8% higher compared to the same period last Highlights for full year 2024 (12 months)Consolidated net profit attributable to the shareholders of the parent was US$285 million, a growth of 21% compared to US$235 million reported last year, driven by a combination of core business growth across many markets, higher average asset volumes, disciplined management of operating expenses and a steady cost of per share for the year was US$0.086 per share, compared to US$0.070 per share last comprehensive income attributable to the shareholders of the parent during the year was affected by the FX translation impacts of EGP (primarily during Q1) and BRL (in Q4). The net impact of these resulted in total comprehensive income attributable to the shareholders of the parent at a negative US$12 million, compared to a positive US$258 million reported last year (when the currencies remained broadly stable).Total operating income for the year 2024 was US$1,339 million, 5% higher compared to US$1,279 million reported last year. Adjusting for FX translation effects, mainly from EGP and BRL depreciation, underlying total operating income would have been US$1,404 million, 10% higher compared to the same period last year, reflecting broad based growth across almost all the core SheetEquity attributable to the shareholders of the parent and perpetual instrument holders at the end of the year was US$4,207 million, compared to US$4,300 million reported at the 2023 year-end, 2% lower primarily from the impact of FX movements in EGP and BRL and dividends paid mitigated by the profit earned during the assets stood at US$46,265 million at the end of the period, as compared to US$43,892 million at the 2023 year-end, an increase of 5% driven by core business and liquid asset growth, balance sheet optimisation and portfolio management actions. Healthy Capital and Liquidity ratios: Tier 1 Capital ratio at 15.5%, of which CET1 at 13.6%. LCR and NSFR at 198% and 123% respectively. Bank ABC is a leading player in the region's banking industry, with presence in 15 countries across five continents. It provides innovative global wholesale banking solutions in both conventional and Islamic finance, across Transaction Banking, Project and Structured finance, Capital Markets, Financial Markets, Real Estate finance to corporates and financial institutions. It also provides retail banking services through its network of branches in Jordan, Egypt, Tunisia, Algeria, and through ila Bank, its digital mobile-only bank, in Bahrain and ila application in Jordan. The full set of financial statements and the press release are available on the Bahrain Bourse and Bank ABC websites. Further details are provided in the Investor Highlights Presentation published on Bank ABC's website. Bank ABC will be hosting a virtual Investors call to discuss the full year earnings update for the year ended 2024 on 13 February 2025. Further details are available on the Bank's website: © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
