The consolidated net profit attributable to the shareholders of the parent company for the three months of the third quarter of 2021 amounted to about $25 million, 127% higher than the $11 million net profit recorded for the same period last year.
Earnings per share during this period were 0.01 US dollars, compared to the minimum during the same period last year.
The total comprehensive losses attributable to the shareholders of the parent company amounted to $29 million, compared to an income of $38 million recorded during the same period last year, mainly due to higher unrealized losses on foreign currency conversion in the company’s overseas branches.
The net interest income amounted to US$ 159 million, an increase of 22% compared to US$ 130 million recorded during the same period last year, after absorbing the impact of depreciation in interest rates compared to the same period last year, supported by the growth in the volume of transactions in some markets.
Operating expenses amounted to US$ 147 million, an increase of 30% compared to US$ 113 million for the same period last year, due to the merger of BLOM Bank Egypt in addition to the return of the group’s activity to levels closer to the usual levels of activity (on an adjusted basis* 28%), and the group continued to benefit from cost-reducing initiatives during the past year while rearranging investment priorities to continue the group’s digital transformation journey and strategic initiatives.
The consolidated net profit attributable to the shareholders of the parent company for the first nine months of 2021 amounted to about $80 million, compared to a net loss of $56 million recorded for the same period last year.
Earnings per share during this period was 0.03 US dollars, compared to -0.02 US dollars during the same period last year.
Total comprehensive income attributable to the shareholders of the parent company amounted to $92 million, compared to a total comprehensive loss of $358 million recorded for the previous year, reflecting gross profit and relatively stable markets during the first nine months of 2021 compared to last year.
Net interest income was $419 million, an increase of 10% compared to $382 million reported during the same period last year, after absorbing the impact of depreciating interest rates and currency exchange rates. On an adjusted basis*, net interest income was 11% higher year-on-year.
Provisions for bad loans or fees for credit losses during the period amounted to $78 million, a decrease of about 67% compared to $234 million recorded during the same period last year, and the value of loan provisions for the year returned to the same levels before the pandemic, with a stable economic outlook. Under IFRS 9 for non-performing loan provisions estimates, and without the significant impact of major customer fraud cases that affected many banks in the region, which amounted to about $118 million in non-performing loan provisions during the third quarter of 2020.
The ratio of non-performing loans to total loans was about 5.4%, which is the same levels recorded at the end of 2020. The ratio is stable at 4.5%, when the long-term loans granted are fully adjusted.
Bank ABC Group Chairman, Siddiq Omar Al Kabeer commented: “We are very pleased to witness the achievements made during the first nine months of 2021, as the group successfully resumed returning to profitability rates, while the strategy implementation accelerated, demonstrating the value of resilience. enjoyed by the group. We also look forward to closing the year on a strong note, having successfully navigated the challenges posed by the pandemic over the past 18 months, in addition to the successful completion of the acquisition of BLOM Bank Egypt.”
The consolidated net profit attributable to the shareholders of the parent company for the three months of the third quarter of 2021 amounted to about $25 million, 127% higher than the $11 million net profit recorded for the same period last year.
We thank all our followers and we promise you always to provide everything that is best.. and transmit news from all news sources and facilitate their reading for you. Do not forget to like our page on Facebook and follow the latest news on Twitter. Greetings from the Hamrin News website family, Bank ABC achieves $80 million in net profits in the first 9 months of 2021. Follow us on the social networking sites of our website to always receive new news.
Source: Al-Ayyam newspaper
These were the details of the news Bank ABC achieves $80 million net profit in the first 9... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
