285 million dollars, net profits of ABC, in 2024, an increase of 21%

ABC Bank (Arab Banking Corporation) held the annual ordinary general assembly meeting yesterday at its headquarters in Manama. The meeting was chaired by the Chairman of the Group, Al -Siddiq Omar Al -Kabeer.

During the regular general assembly meeting, the shareholders agreed to the unified financial statements for the fiscal year ending December 31, 2024. ABC Bank recorded net profits belonging to the shareholders of the parent company amounted to 285 million dollars, which reflects a significant growth of 21% on an annual basis – the highest level in the history of the group of continuous commercial operations.

This wonderful performance is driven by the strong growth of the basic business, the stable financing base, and the disciplined management of operating and credit costs.

The shareholders also approved the distribution of cash dividends worth $ 85.1 million, or nearly 30% of the annual profits of the group attributed to the shareholders of the parent company.

The dividends per share are 2.75 cents, an increase of 22% compared to the previous year. This strategic decision guarantees that the group maintain a strong capitalist center while continuing to invest in future growth.

One of the most prominent characteristics of the regular general assembly meeting for this public is the appointment and election of the new board of directors for the fifteenth session (2025-2028), as follows:

The appointed by the Central Bank of Libya: Naji Belkacem, Amer Karkar, and Muhammad Al -Hassadi, who are appointed by the Public Authority for Investment – Kuwait: Abdulaziz Al -Hudaib and Idris Ahmed.

The elected by the private sector segment: Khalil Noureddine, and Dr. Marwan Al -Abbasi, and Dr. Ibrahim Al -Dafour, and Manaf Al -Hajri.

“On behalf of the Board of Directors, we expressed our sincere appreciation to the members of the outgoing board of directors and their valuable contributions over the years, which were crowned with the historical performance of ABC Bank in 2024. This achievement emphasizes the strength of the bank’s strategy and the fixed commitment to its administration and employees. At a time when the board of directors welcomes its new members, the strong public budget is For the group, rational governance, and the risk management approach, along with the schedules of accelerated digital transformation and sustainability, will ensure the continuation of ABC Bank on its growth path until 2025 and beyond.

For his part, the CEO of the ABC Bank Group Sail Al -Waeri said: “ABC showed again flexibility and excellence, as it has achieved record results in 2024. This achievement is evidence of our tireless focus on innovation, digital transformation and the disciplined implementation of our strategic priorities. While we look forward to the future, we are still committed to creating value for our shareholders, enhancing customer experiences, and paying growth Sustainable. With a new dynamic board of directors and a dedicated leadership team, we are in a good position to deal with advanced market dynamics and continue to form the future of banking services in the Middle East and North Africa region.