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
