Bank ABC AGM approves US$46 million dividend

TDT | Manama                                        

The Daily Tribune – www.newsofbahrain.com   

Bank ABC’s (Arab Banking Corporation) Annual Ordinary General Meeting yesterday approved a recommendation to distribute a dividend of US$46.4 million, which is a 50% increase from last year’s dividend.

The dividend will be paid in cash at US$1.5 cent per share, compared to US$1.0 cent per share in 2022.

Shareholders further approved the consolidated financial statements for the financial year ended 31 December 2022, with a net profit attributable to shareholders of US$154 million.

The results come on the back of significant growth in core business across the Group’s network, aided by higher interest rates prevalent during the year, contributing towards crossing a historic US$1 billion mark in revenue.

Commenting, Bank ABC’s Group Chairman, Saddek Omar El Kaber, said, “The Bank continues to accelerate performance, and set bold aspirations, aiming to gain market share notwithstanding continuing economic headwinds such as ongoing war in Europe, persistent inflation, and tighter monetary policy in many of our markets.

We remain steadfast on capitalizing our strengths and leveraging our investments to continue to drive profitable growth for 2023 and the years to come.”