Shareholders of Bank ABC (Arab Banking Corporation) have approved a cash dividend distribution of $85.1 million, approximately 30 per cent of the group’s annual profits attributed to the shareholders of the parent.
This dividend per share stands at 2.75 cents, marking a 22 per cent increase compared to the previous year.
This strategic decision ensures that the group maintains a solid capital position while continuing to invest in future growth.
The announcement follows the bank’s annual ordinary general meeting (AGM) yesterday at its headquarters in Manama.
The meeting was chaired by Saddek El Kaber, chairman of the group board.
During the AGM, shareholders approved the consolidated financial statements for the financial year ended December 31, 2024.
Bank ABC reported a record net profit attributable to shareholders of the parent of $285m, reflecting a significant growth of 21pc year-on-year (YoY) – the highest in the group’s history from continuing business operations. This remarkable performance was driven by strong core business growth, a stable funding base, and disciplined management of operating and credit costs.
A key highlight of the AGM was the appointment and election of the new board of directors for its 15th term (2025-2028).
The board includes the following Central Bank of Libya appointees: Naji Mohamed Issa Belgasem, Amer Mohamed Karkar and Mohamed Hassadi.
Kuwait Investment Authority appointees on the Bank ABC board are Abdulaziz Fahad Alhudaib and Edrees Ahmad.
The private sector’s elected nominees are Khalil Nooruddin, Dr Marouane El Abassi, Dr Ibrahim Eldanfour and Manaf Al Hajiri.
Reflecting on the milestone year, Mr El Kaber said: “On behalf of the board, I extend our sincere appreciation to the outgoing directors for their invaluable contributions over the years, which have culminated in Bank ABC’s historic performance in 2024. This achievement underscores the strength of the bank’s strategy and the unwavering commitment of its management and employees.
“As the board welcomes its new members, the group’s solid balance sheet, prudent governance, and risk management approach, alongside its accelerated digital transformation and sustainability agendas, will ensure that Bank ABC to continues its growth trajectory into 2025 and beyond.”
Bank ABC Group chief executive Sael Al Waary added: “Bank ABC has once again demonstrated resilience and excellence, delivering record-breaking results in 2024. This achievement is a testament to our relentless focus on innovation, digital transformation, and disciplined execution of our strategic priorities.
“As we look to the future, we remain committed to creating value for our shareholders, enhancing customer experiences, and driving sustainable growth. With a dynamic new board and a dedicated leadership team, we are well-positioned to navigate evolving market dynamics and continue shaping the future of banking in the Mena region and beyond.”
Top stories for today:
Our bag service is rubbish!
Housewife stands trial for badly treating ‘Cinderella’
Interior Ministry provides range of e-services through MyGov
Follow us on LinkedIn - Gulf Daily News - GDN
&uuid=(email))