ABC achieves $239m net profits for \'13

The Arab Banking Corporation (ABC) said its consolidated net profit for the year ending 2013 was USD 239 million, a 17 percent increase when compared to USD 205 million for 2012. ABC's Board of Directors recommended in a meeting held Monday the distribution of cash dividend of five percent of the issued share capital, or USD 155.5 million, pending approval of shareholders. ABC's total operating income rose to USD 857 million from USD 816 million in the previous year despite the adverse impact from the stronger dollar on consolidation of revenues from subsidiaries. Operating expenses increased by USD 37 million to USD 440 million, mainly due to one-off restructuring costs during the first half of the year, it added. Bahrain-based ABC provides wholesale financial products and services that include corporate banking, trade finance, project and structured finance, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria.