MENA’s international bank of the future reflects on its historic performance in 2024; shareholders approve a 22% year-on-year increase in cash dividends, amounting to USD 2.75 cents per share, representing 30% of profit attributable to the shareholders of the parent.
Manama, Bahrain: Bank ABC (Arab Banking Corporation B.S.C) held its Annual Ordinary General Meeting (AGM) on 16 March 2025 at its Headquarters in Manama, Bahrain. The meeting was chaired by Mr. Saddek Omar El Kaber, Chairman of the Group Board.
During the AGM, shareholders approved the consolidated financial statements for the financial year ended 31 December 2024. Bank ABC reported a record net profit attributable to shareholders of the parent of USD 285 million, reflecting a significant growth of 21% 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.
Shareholders also approved a cash dividend distribution of USD 85.1 million, approximately 30% of the Group’s annual profits attributed to the shareholders of the parent. This dividend per share stands at USD 2.75 cents, marking a 22% 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.
A key highlight of the AGM was the appointment and election of the new Board of Directors for its 15th term (2025-2028), as follows:
Central Bank of Libya appointees:
- H.E. Mr. Naji Mohamed Issa Belgasem
- Mr. Amer Mohamed Karkar
- Mr. Mohamed Hassadi
Kuwait Investment Authority appointees:
- Mr. Abdulaziz Fahad Alhudaib
- Mr. Edrees Ahmad
Elected Nominees by Private sector:
- Mr. Khalil Ibrahim Nooruddin
- Dr. Marouane El Abassi
- Dr. Ibrahim Eldanfour
- Mr. Manaf Abdulaziz Al Hajiri
Reflecting on this milestone year, Bank ABC’s
Group Chairman, Mr. Saddek Omar El Kaber, stated: “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.”
Sael Al Waary, Group CEO of Bank ABC, 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.”