Bank ABC set to distribute $46 million cash dividend

Shareholders of Bank ABC have approved dividend of $46 million on the back of robust revenues and solid strategic progress.

The announcement follows the 2023 AGM at the bank’s head-office where shareholders approved cash payment of 1.5 per cent dividend or 1.5 cents for each outstanding share (net of treasury shares) for a total of approximately $ 46.4m, about 50pc increase on last year.

During the AGM, the shareholders approved, amongst other resolutions, the consolidated financial statements for the financial year ended December 31, 2022, with a net profit attributable to shareholders of $154m. 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 $1 billion mark in revenue.

Bank ABC Group chairman Saddek El Kaber remarked, “Bank ABC Group has been diligently executing its strategy, which is bearing results despite challenging market conditions. 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.”

In addition to its remarkable financial performance in 2022, the bank achieved several strategic milestones, which included: The completion of BLOM Bank Egypt and Bank ABC Egypt’s legal merger (Legal Day 1 announced in January 2023), driving its market position and growth strategy to new heights.

The successful launch of its digital, mobile-only ila Bank in Jordan, which is already creating fast-paced retail customer growth, seeking to emulate the excellent market share gains achieved in Bahrain, was another major achievement.

The bank has announced exemplary progress on its wholesale banking digitalisation programme, with the roll out of state-of-the-art supply chain finance and documentary trade platforms; delivering a more enhanced, client-centric banking experience, catering to their evolving needs.

The expansion of AFS, the group’s fintech payments subsidiary, in entering the Egyptian market with the establishment of the AFS Egypt hub for merchant acquiring business and signing up new banking partners across the region, significantly boosting its revenues and growth momentum, has been hailed as a significant development.




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