Manama, Feb. 11 -- Bank ABC (Arab Banking Corporation B.S.C.) reported a consolidated net profit, attributable to the shareholders of the parent, for the year 2018 of US$202 million, 5% higher compared to US$193 million reported for the previous year.
The improvement reflects stronger operating performance, which absorbed continuing investment into the Group's strategy, against a context of mixed external conditions.
Profit before Taxation was US$264 million, 15% lower compared to US$311 million in 2017, but normalises to a positive 1% growth, after adjusting for effects of foreign currency hedging transactions in Banco ABC Brasil ("BAB") (which have an offsetting tax charge impact), and other one-off non-core items.
On a headline basis,...