By Libya Herald staff.
Tripoli, 12 August 2014:
Bahrain-based Arab Banking Corporation (ABC), which is 59% owned by the Central Bank of Libya . . .[restrict](CBL), announced today that year-on-year net profit for the first half of 2014 increased 22 percent. This is the sixth consecutive year of profit growth.
The bank reported net profit of $137 million for the first half of 2014. Last year’s first half net profit was $112 million. Second quarter net profit for 2014 was $66 million, up 18 percent from the same quarter last year.
Total operating income for the second quarter of 2014 was $242 million, 15 percent higher than for the same period last year.
The bank’s total assets saw a six percent growth as of 30 June 2014, now standing at $28.1 billion. This is primarily a reflection of growth in loan volumes and liquid assets.
As of 30 June, shareholders’ equity was $3,980 million, up slightly from $3,897 at the end of this year’s first quarter. The report stated, “ABC’s capital base remains very strong, with a capital adequacy ratio of 20.7%, predominantly Tier 1, which totalled 17.3%.”
ABC Chairman (and Governor of the CBL) Saddek Elkaber remarked: “During the first half of the year, we have also strengthened our management team with the addition of a new Group Chief Banking Officer, Group Chief Financial Officer and Group Head of Compliance, all with significant international banking experience. I am confident that with our reinforced top management team in place, and with substantial capital resources and comfortable liquidity, ABC will be able to continue on its growth path with robust risk management to deliver sustained returns for our shareholders.”
Originally established to catch Bahrain’s offshore banking boom, ABC expanded into the syndicated loan market and grew to become one of the Middle East’s largest investment banks. Through subsidiaries, ABC is present in the Algerian, Egyptian, Jordanian and Tunisian retail markets. [/restrict]
