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The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral financial institution, on Tuesday posted net income for 2022 of $164 million, up 40% year-on-year.
The bank, headquartered in Saudi Arabia, said its corporate banking portfolio drove overall profitability, with gross operating income rising 62% y-o-y to $198 million and 8% above the budgeted income.
Khalid Ali Al-Ruwaigh, CEO of APICORP, said the institution managed to capitalize on market forces and post exceptional results across all business units. "The high-interest rate environment provided a significant upward push to our performance, but at the same time presented challenges in terms of the cost of funding which we were able to navigate through optimization of our funding solutions.”
(Reporting by Brinda Darasha; editing by Seban Scaria)
