ABC Bank, led by the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, announced its financial results for the year 2023 on Monday, revealing a 53% increase in net profits for the year attributed to shareholders of the parent company, reaching $235 million USD on an annual basis.
The bank emphasized that the profits were supported by strong growth in core businesses and a stable funding base, along with rising interest rates and stable credit costs. Additionally, the bank’s general budget remained robust, with capital adequacy and liquidity levels staying strong, while total assets reached $44 billion USD, surpassing the forty-billion-dollar mark for the first time in history due to growth in loans, securities, and liquid assets.
In his statement, the Chairman of the Board of Directors of ABC Bank Group, Al-Sadiq Al-Kabeer, noted unprecedented revenue and asset growth, as well as a strong 53% annual increase in net profits.
Al-Kabeer added that opportunities can be seized amidst current challenges or during periods of economic improvement, indicating that the group’s general budget remains sound and robust, with capital adequacy and liquidity levels remaining strong.
He continued, “We continue to steadily execute our strategy and look forward in 2024 to building on the progress we made last year in our strategic journey to establish ‘The Leading International Bank in the Middle East and North Africa region.'”