Bahrain - Bank ABC has announced record net profit attributable to shareholders of $285 million for 2024, a 21 per cent year-on-year increase. This marks the highest profit in the group’s history from continuing operations.

The results were driven by strong core business growth, a stable funding base, and steady cost of credit. Total operating income also reached a record $1,339m, up 5pc year-on-year despite foreign exchange headwinds. Total assets reached $46 billion, with capital and liquidity ratios remaining robust.

The board of directors has recommended a cash dividend of $0.0275 per share, a 22pc increase year-on-year, representing 30pc of profit attributable to shareholders, or approximately $85.5m. This is subject to regulatory approvals and shareholder approval at the bank’s annual general meeting.

For the fourth quarter of 2024, consolidated net profit was $70m, up 35pc from $52m in the same period of 2023. Earnings per share were $0.022, compared to $0.017. Total comprehensive income was impacted by the devaluation of the Brazilian Real, resulting in a negative $48m compared to a positive $84m in Q4-2023. Q4 total operating income was $337m, slightly higher than $336 million in Q4-2023.

Adjusting for FX effects, primarily from EGP and BRL depreciation, underlying operating income would have been $363m, up 8pc.

For the full year, consolidated net profit was $285m, up 21pc from $235 million in 2023. Earnings per share were $0.086, compared to $0.070. Total comprehensive income was affected by FX translation impacts from EGP and BRL, resulting in a negative $12m compared to a positive $258m in 2023.

Full-year total operating income was $1,339m, up 5pc from $1,279m. Adjusting for FX effects, underlying operating income would have been $1,404m, up 10pc.

Equity at year-end was $4,207m, compared to $4,300m at the end of 2023. Total assets reached $46,265m, up 5pc from $43,892m. 

Bank ABC maintained healthy capital and liquidity ratios, with a Tier 1 Capital ratio of 15.5pc, including a CET1 ratio of 13.6pc, and LCR and NSFR ratios of 198pc and 123pc, respectively.

“We are proud of having achieved these record-breaking results,” said Bank ABC Group chairman Saddek El Kaber.

“The group started the year on a strong footing and maintained its core business growth momentum throughout the year, reaching 21pc YoY. This reflects the bank’s strong and diversified business model and its capabilities to leverage market opportunities and create value for our investors. Impressively, this was also achieved while maintaining a robust balance sheet, with strong capital and liquidity ratios giving growth capacity for 2025.”

Bank ABC continued to make progress on its strategic plan, achieving milestones in its digital and operational transformation. The bank received several awards, including ‘Best Bank in the Middle East’ for ‘Innovation in Digital Banking’ and ‘Transaction Banking’ from The Banker, ‘Best Trade Finance Provider in the Middle East’ from Global Finance and GTR, and ‘Bahrain’s Best Digital Bank’ from Euromoney.

Moreover, Bank ABC’s digital, mobile-only ila Bank was also recognised as ‘Bahrain’s Best Consumer Digital Bank’ by Global Finance for the fourth consecutive year.

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