Arab Banking Corporation 'ABC' announces nine-month profit of $158m
- Bahrain: Monday, November 12 - 2012 at 11:36
- PRESS RELEASE
Arab Banking Corporation announced that its consolidated Group net profit for the first nine months of 2012 was $158m compared to $157m for the same period last year. Net profit for the third quarter was $53m compared to $41m last year.
Cost/income ratio was maintained at 49%.
Operating profit before impairment provisions reached $102m (2011: $103m).
Net impairment provision charge of $13m was $7m lower than last year due to recoveries. After tax charge and share of minority interests, net profit for the quarter amounted to $53m, 29% higher than last year.
Shareholders' equity at 30 September 2012 stood at $3,742m, compared to $3,672m at the end of the second quarter. ABC's capital base remains very strong with a capital adequacy ratio of 23.4%, predominantly Tier 1, which totalled 18.6%. ABC's liquidity remains comfortable with the liquid assets to deposits ratio at 58%, compared with 59% at the end of the previous quarter.
Mr. Hassan Juma, President & Chief Executive of ABC, said, "The results demonstrate the Group's ability to deliver sustainable core earnings through its diversified product offerings across our geographies in spite of a continuing fragile economic climate in certain of our markets. Growth is well complemented by our robust risk management strategy and tight cost containment measures."
Mr. Saddek El Kaber, Chairman of ABC, stated, "I am pleased with ABC's results. With strong capital, liquidity and funding firmly established to support its growth, ABC is building an excellent platform for its transformational journey to become a leading Universal bank."
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of Mediaquest FZ LLC. Mediaquest FZ LLC is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.