Bahrain-headquartered Arab Banking Corporation's (ABC) 2006 consolidated accounts were ratified at the 2006 meeting of the General Assembly convened today in Manama, Kingdom of Bahrain.
ABC recorded a net profit of US$202 million for 2006, a 57% increase over the previous year. The General Assembly also approved the payment of US$100 million dividend (10 cents per share) that had been recommended by the Board of Directors.
Mr. Ghazi Abdul-Jawad, President & Chief Executive said after the AGM, "The ABC Group's results for 2006 provide affirmation of the success of the performance-focused yet risk aware culture that we have been implementing over the past few years. Looking ahead, our advanced risk management software, cautious approach to risk management and asset quality and expanding delivery channels and product range are expected to be the key factors in the future success of the Group and its ability to generate rising shareholder returns."
ABC's shareholders approved the re-election for a new term of the Board of three years the following directors: Mr. Mohammed Layas, Mr. Hilal Al-Mutairi, Mr. Eissa Al Suwaidi, Mr. Abdullah Al Humaidhi, Dr. Anwar Al-Mudhaf, Mr. Hassan Juma, Dr. Saleh Al Humaidan, Mr. Yousef Abdelmaula, Mr. Mohamed A. Shokri, Dr. Mohammed A. Abusneina. Likewise, two new directors were elected for the first time to the Board of Directors, representing Abu Dhabi Investment Authority, namely; Mr. Saeed Al Hajeri and Mr. Hareb M. Al Darmaki.
At the first meeting immediately held by the newly elected Board following the Annual General Meeting, the Board elected Mr. Mohammed Layas as Chairman, with Mr. Hilal Al-Mutairi and Mr. Hareb M. Al Darmaki as Deputy Chairmen.
Arab Banking Corporation (ABC) was incorporated as a Bahrain joint stock company in 1980 by Amiri decree in the Kingdom of Bahrain. ABC's principal shareholders are the Kuwait Investment Authority, the Central Bank of Libya and the Abu Dhabi Investment Authority. ABC is listed on the Bahrain stock exchange.
The ABC Group is a leading bank in the Middle East and North Africa and operates as an offshore commercial bank. ABC provides a full range of retail and commercial banking, corporate finance, discretionary fund management, foreign exchange, derivatives, Islamic banking and financial advisory services in the markets in which it offers those services.
ABC's strategy of diversified growth led to the development of its widespread network of branches, representative offices, subsidiaries and affiliates in Arab world countries and international financial centres, including London, Paris, Milan, Frankfurt, New York, Singapore, Tripoli, Tunis, Algiers, Egypt, Bahrain, Beirut, Abu Dhabi, Tehran, Amman and Baghdad.
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© Press Release 2007
