Bank ABC has announced that its proposal to distribute cash dividends worth $46.4M ($1.5 cent per share) has been approved by its shareholders, which is a 50% increase compared to the previous year’s dividend of $1 cent per share.
The announcement was made after the Annual Ordinary General Meeting that was held on March 19 at the bank’s head office in Manama. During the meeting, the shareholders also approved the financial statements for the fiscal year that ended on December 31, 2022, showing a net profit attributable to shareholders of $154M.
Bank ABC achieved a historic milestone of crossing the $1B mark in revenue, thanks to significant growth in core business across its network, supported by higher interest rates during the year. The bank’s top official mentioned that the total operating income crossed the $1B mark for the first time in the bank’s history, with solid growth in core business across the franchise, aided by higher interest rates, according to TradeArabia.
“Bank ABC Group has been diligently executing its strategy, which is bearing results despite challenging market conditions. We continue to accelerate performance, and set bold aspirations, aiming to gain market share notwithstanding continuing economic headwinds such as ongoing war in Europe, persistent inflation, and tighter monetary policy in many of our markets,” remarked Group Chairman Saddek Omar El Kaber.
“We remain steadfast on capitalizing our strengths and leveraging our investments to continue to drive profitable growth for 2023 and the years to come,” he added.
