H1 2022 Financial Performance Overview
Key Messages
Bank ABC
/ The Group is weathering the unexpected headwinds from geopolitical developments and persistent high
inflation across some markets, being counterbalanced by sustained high oil prices and improving economic
activity in other markets, as well as rising interest rates.
/ Strategic direction is consistent and Bank ABC continues to improve its position as a renowned leader in
digital innovation in banking with widespread industry recognition, exemplified most recently by "The
Banker" Innovation in Digital Banking Award 2022 for Middle East.
/
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H1 2022 performance of a net profit of US$70m marks a solid and profitable first half, 27% higher
compared to US$55 million reported for the same period last year.
H1 revenues crossed the US$520 million mark for the first time in history, reflecting good underlying
business growth and including the consolidation of BLOM Bank Egypt ("BBE"). This was a substantial 31%
increase compared to the same period last year, with robust performance across all Group units.
/ Operating expenses were at US$331 million, 31% higher than US$253 million for the same period last year,
reflecting flat revenue/cost 'jaws' from a combination of consolidation of BBE, more normal levels of post-
pandemic activity and appropriate cost discipline while investing into the Group's digital transformation and
strategic initiatives.
/ Impairment charges (ECL) for the period were US$51m, compared to US$49 million reported for the same
period last year, broadly in line with our historic credit loss experience.
/ The Group maintains a strong balance sheet and capital position, with a 16.6 % Tier 1 ratio (14.7% CET1),
LCR of 244% and NSFR of 126%.
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