{"id":1279,"date":"2024-05-13T20:29:53","date_gmt":"2024-05-13T18:29:53","guid":{"rendered":"https:\/\/sada.ly\/en\/2024\/05\/13\/exclusive-abc-bank-announces-first-quarter-2024-financial-results-with-profits-of-75-million\/"},"modified":"2024-05-13T20:29:53","modified_gmt":"2024-05-13T18:29:53","slug":"exclusive-abc-bank-announces-first-quarter-2024-financial-results-with-profits-of-75-million","status":"publish","type":"post","link":"https:\/\/sada.ly\/en\/exclusive-abc-bank-announces-first-quarter-2024-financial-results-with-profits-of-75-million\/","title":{"rendered":"Exclusive: ABC Bank Announces First Quarter 2024 Financial Results with Profits of $75 Million"},"content":{"rendered":"\n<p class=\"has-text-align-left wp-block-paragraph\" dir=\"ltr\">Today, ABC Bank Group (Arab Banking Corporation B.S.C.), whose shares are traded on the Bahrain Bourse under the symbol &#8220;ABC,&#8221; announced its financial results for the first quarter of 2024.<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\" dir=\"ltr\">The group started the year on a strong footing, achieving a net profit of $75 million in the first quarter, marking a 25% increase compared to the same period last year. This growth is attributed to a 15% increase in operating income driven by broad-based core business growth and benefiting from higher interest rates. The group maintained high control over operating expenses and credit costs, and the balance sheet remained healthy with strong capital and liquidity ratios.<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\" dir=\"ltr\">The Chairman of ABC Bank Group, Mr. Seddiq Omar Al-Kabeer, commented: &#8220;We are pleased with the strong start highlighting the acceleration in our business growth and performance this year. Despite the challenging geopolitical and economic conditions in the region, our ambitious strategy, diverse business portfolio, prudent risk management, and strong balance sheet pave the way for ABC Bank to achieve further improvements in profitability during the remainder of 2024.&#8221;<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\" dir=\"ltr\">Below is a detailed summary of the financial results:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key Performance Highlights for Q1 2024<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The consolidated net profit attributable to the shareholders of the parent company for Q1 2024 amounted to $75 million, a 25% increase compared to $60 million for the same period last year.<\/li><li>Earnings per share for the period were $0.024, an increase of 25% compared to $0.019 for the same period last year.<\/li><li>Total comprehensive income attributable to the shareholders of the parent company decreased, mainly due to the depreciation of the Egyptian pound against the US dollar. However, the increase in the fair value of our bond portfolio mitigated this decline. Nevertheless, the net impact on total comprehensive income was negative, amounting to $28 million compared to $1 million in Q1 2023.<\/li><li>Total operating income for Q1 2024 was $343 million, an increase of 15% compared to $299 million for the same period last year, reflecting growth across all core markets.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Balance Sheet<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Equity attributable to the shareholders of the parent company and holders of perpetual bonds at the end of the period was $4,197 million, compared to $4,300 million at the end of 2023, after accounting for the impact of dividend distributions and foreign currency translation on equity in the group&#8217;s overseas subsidiaries, particularly in Egypt.<\/li><li>Total assets amounted to $41.4 billion at the end of Q1, compared to $43.9 billion at the end of 2023, reflecting a 6% decrease due to short-term asset and liability management actions.<\/li><li>Capital adequacy and liquidity levels remained strong: Common Equity Tier 1 capital ratio at 14.8%, Tier 1 capital ratio at 13.0%. Liquidity coverage ratio was 260%, and net stable funding ratio was 126%.<\/li><\/ul>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\" dir=\"ltr\">ABC Bank is a leading banking institution in the region, operating in 15 countries across five continents, offering innovative global financial products and services, including wholesale banking under both Islamic and conventional frameworks. It also provides transaction banking, project finance, structured finance, capital markets, financial markets, and real estate finance. Additionally, the bank offers retail banking services through its subsidiary network in Jordan, Egypt, Tunisia, and Algeria, and through the digital-only bank &#8220;ila&#8221; available in Bahrain and Jordan.<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\" dir=\"ltr\">ABC Bank Group informs shareholders that the financial statements and press releases are available on the websites of the Bahrain Bourse and ABC Bank. ABC Bank will host a virtual investor call on May 16, 2024, to discuss the first-quarter 2024 earnings update. Further details and the investor presentation are available on the bank&#8217;s website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today, ABC Bank Group (Arab Banking Corporation B.S.C.), whose shares are traded on the Bahrain Bourse under the symbol &#8220;ABC,&#8221; announced its financial results for the first quarter of 2024. The group started the year on a strong footing, achieving a net profit of $75 million in the first quarter, marking a 25% increase compared [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[565],"class_list":["post-1279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bank-abcfinancial-resultslibya"],"acf":[],"_links":{"self":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/1279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/comments?post=1279"}],"version-history":[{"count":0,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/1279\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media\/1280"}],"wp:attachment":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media?parent=1279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/categories?post=1279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/tags?post=1279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}