The Arab Banking Corporation, Bank ABC, whose board of directors is chaired by the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, announced in a statement today, Sunday, that it achieved net profits amounting to 154 million US dollars, a growth of 54% compared to last year.
Bank ABC stated that the net profits attributable to the shareholders of the parent company amounted to about 154 million dollars, a growth of 54% compared to 2021, as the group achieved net profits amounting to 100 million dollars, indicating that the total operating income exceeded the historical barrier of one billion dollars in 2022.
He added that the bank’s operating income increased on an adjusted basis significantly by 29%, supported by growth in all major markets and a beneficial interest rate environment, in addition to integrating the financial results of “Blom Bank Egypt” for the full year, and the group continued to pump investments in its strategic digital initiatives to build a “bank for the future”.
Commenting on the bank statement, the Chairman of its Board of Directors, Seddiq Al-Kabeer, said that the group achieved outstanding and unprecedented results in 2022, with revenues exceeding one billion dollars, and it was able to build on the successes of the previous year, which in turn led to an increase in net profits for shareholders by 54%.
He continued, saying that the bank is looking forward to continuing the strong performance during the year 2023, while being cautious at the same time of adverse effects such as difficult financial conditions, the ongoing war in Europe and price inflation, stressing that the bank’s management is confident in its ability to continue benefiting from its investments to continue accelerating profitable growth during current year.
It is worth noting that Bank ABC is an Arab bank based in Bahrain, founded in 1980 by the governments of Libya, Bahrain and the UAE, with a capital of one billion dollars, and has branches in Libya, Bahrain, the Emirates, Egypt, Tunisia, Algeria, Iraq, Lebanon and Jordan. At the end of 2010, the Central Bank of Libya acquired the shares of the Abu Dhabi Investment Authority in Corporation, amounting to 17.72%, which raised Libya’s share in Bank ABC to 59.37%.