ABC group 9-month profits up 13pc
Manama, October 27, 2013
Arab Banking Corporation (ABC) today announced that its consolidated group net profit for the first nine months of 2013 was $178 million, a 13 per cent increase over the $158 million reported for the same period last year.
Net profit for the third quarter was $66 million, 25 per cent higher than the previous year.
Total operating income for the third quarter amounted to $208 million, 4 per cent higher than the $200 million achieved during the same period last year. Robust year-on-year growth in revenues on the back of increased treasury, trade finance and Islamic activities was softened by impact from adverse exchange rate movements in emerging markets, the bank said.
Total operating expenses for the third quarter were $99 million, marginally higher than $98 million in the same period last year. Net impairment provisions for the third quarter of 2013 were $6 million, down from $13 million last year due to recoveries and write-backs.
Deposits continued to grow during the year from $17.2 billion at 2012 year-end to $17.7 billion. Term financing was increased by the second $1 billion drawn in July 2013 from the $2 billion 5-year medium term facility arranged last year to enhance the funding and liquidity position.
Shareholders’ equity as at September 30, 2013 stood at $3,884 million, compared to $3,819 million at the end of the second quarter 2013 and $3,778 million at 2012 year-end.
ABC Group’s total assets stood at $26.1 billion at the end of the third quarter, 6 per cent higher compared to $24.5 billion at 2012 year-end.
ABC's chairman Saddek El Kaber said: “ABC Group’s sustained growth and improving profitability in the face of adverse market conditions in Mena and other emerging markets it operates in is a reflection of its resilience, geographical and product diversification and strong risk culture.” – TradeArabia News Service