DOCSLIB.ORG

Arab Banking Corporation Group

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Arab Banking Corporation Group Annual Report 2006 Arab Banking Corporation Group Registered Address Arab Banking Corporation Group ABC Tower, Diplomatic Area PO Box 5698, Manama Kingdom of Bahrain (Commercial Registration Number 10299) www.arabbanking.com 1 Annual Report 2006 Contents ABC’s vision is to be the premier and most innovative international Arab financial group. ABC’s mission is to consistently generate increasing value for 2 The Board of Directors 4 Directors’ Report its shareholders, specialise in Arab-related activities across the world, 6 Global Network invest in international financial institutions that diversify revenues, 7 Financial Highlights offer innovative and high quality services to its customers and attract 8 Financial Strength and retain high quality employees by providing rewarding careers. 10 The President & Chief Executive’s Review of Operations 21 Corporate Governance 24 Group Financial Review 27 Auditors’ Report 28 Consolidated Balance Sheet 29 Consolidated Statement of Income 30 Consolidated Statement of Cash Flows 31 Consolidated Statement of Changes in Equity 32 Notes to the Consolidated Financial Statements 47 Head Office Directory 49 International Directory Annual Report 2005 Arab Banking Group ABC Group Annual Report 2006 2 3 The Board of Directors Dr. Anwar Ali Al-Mudhaf AC RC Dr. Saleh Lamin El-Arbah ** AC Mr. Eissa Mohammed Al Suwaidi EC AC* Director • Kuwaiti Director • Libyan Director • U.A.E. citizen M.B.A. and Ph.D. in Finance, Peter F. Drucker Graduate B.A. in Economics, University of Benghazi, Libya; M.B.A. B.Sc. in Economics, Northeastern University of Boston, School of Management, Claremont Graduate University, University of Hartford, U.S.A.; Ph.D. in Economics, Academy U.S.A. of Science, Hungary. California, U.S.A. Executive Director of Abu Dhabi Investment Dr. Al-Mudhaf is currently the Chairman & CEO of Director of Accounting at the Central Bank of Libya; Authority and Director of Abu Dhabi National Oil Al-Razzi Holding Company; the General Manager of former Undersecretary of the Ministry of Planning, Company For Distribution (ADNOC-FOD), Kuwait Health Insurance Company; a Director of the Economy and Commerce, Libya. Also a Director of International Petroleum Investment Company, Board of Credit One Company Kuwait; a Director of Arab Banking Corporation - Tunisie. Dr. El-Arbah has Abu Dhabi Fund for Development and National Bank the Board of Governors in the Oxford Institute for been a Director of Arab Banking Corporation (B.S.C.) of Abu Dhabi. Also Vice Chairman of Arab Banking Energy Studies and Chairman of Banco ABC Brasil. since 1996 and has over 30 years’ experience in Corporation - Egypt (S.A.E.). He has been a Director He is also a lecturer in corporate finance; central government. Dr. El-Arbah previously held a of Arab Banking Corporation (B.S.C.) since 1995, investment management and financial institutions chair in Macroeconomics from the University of with over 20 years in investment banking. at Kuwait University. Dr. Al-Mudhaf has formerly Gharian (Libya). served as an advisor to the Finance and Economic Mr. Mohammed Husain Layas EC* RC * Mr. Khalifa Mohammed Al-Kindi EC GC* Mr. Hilal Mishari Al-Mutairi EC Affairs Committee at Kuwait’s Parliament and Chairman • Libyan Deputy Chairman • U.A.E. citizen Deputy Chairman • Kuwaiti Director of Al-Ahli Bank of Kuwait. Dr. Al-Mudhaf B.A. Accounting and Business Management, University of B.Sc. in Economics, East Michigan University, U.S.A. B.Sc. in Economics, Alexandria University, Egypt. joined Arab Banking Corporation (B.S.C.)’s Board in December 1999 and has over 15 years’ experience Benghazi, Libya; Diploma of the Institute of Economic Managing Director, Abu Dhabi Investment Council; Development, Washington, U.S.A. First Vice Chairman, Kuwait Chamber of Commerce in banking and finance. Chairman, National Bank of Abu Dhabi and a & Industry. Director of Kuwait Investment Authority. Managing Director of Libyan Investment Corporation; Director of Abu Dhabi Aviation. Mr. Al-Kindi is also a Past offices include Minister of Trade and Industry Deputy Chairman and former Director of British Director of ABC International Bank plc, U.K. He has of Kuwait; General Manager of Kuwait Investment Arab Commercial Bank, London, U.K.; Banque been a Director of Arab Banking Corporation (B.S.C.) Company and of Kuwait Clearing Company. Intercontinentale Arabe, Paris, France and Arab since 1992 and has over 25 years’ experience as an Mr. Al-Mutairi is also a Director of ABC International International Bank, Cairo, Egypt. Mr. Layas joined the investment banker as well as holding a number of Bank plc, U.K. He has been a Director of Arab Board of Arab Banking Corporation (B.S.C.) in 2001 directorships in various public corporations. Banking Corporation (B.S.C.) since 2001 and has with over 35 years’ experience in international more than 35 years of commercial and financial banking. industry experience. Mr. Mubarak Rashid Al-Mansouri NC RC Mr. Hassan Ali Juma AC RC Dr. Saleh Helwan Al Humaidan NC Director • U.A.E. citizen Director • Bahraini Director • Saudi B.Sc. in Finance, M.B.A. University of West Florida, U.S.A. Fellow of the Chartered Institute of Management Ph.D. in Agricultural Economics, Oklahoma State University, Accountants (FCIMA), U.K. U.S.A. Director General, Abu Dhabi Retirement Pensions and Benefits Fund, Abu Dhabi; Director of Arab Managing Director of National Bank of Bahrain; General Manager, Arab Investment Company, International Bank, Egypt; also Director of Arab former Chairman of Bahrain Telecommunications Riyadh; Member of the Boards of Saudi International Banking Corporation (Jordan). Mr. Al-Mansouri has Company. Also Director of ABC International Bank Petrochemical Company, Jubail and Saudi been a Director of Arab Banking Corporation (B.S.C.) plc, U.K. Mr. Juma has been a Director of Arab Investment Fund, London, U.K.; Chairman, Saudi since 1997 and has more than 15 years’ experience Banking Corporation (B.S.C.) since 1994. He has Moroccan Development Investment Company, in investment and commercial banking. more than 25 years’ experience as a commercial Casablanca. Dr. Humaidan is also the Deputy Mr. Mohamed Abdel Salam Shokri EC GC NC Mr. Abdallah Saud Al Humaidhi EC GC NC* banker. Chairman of Arab Banking Corporation (Jordan). Director • Libyan Director • Kuwaiti He has over 25 years of experience in the economic Masters Degree in Accounting Science, Oklahoma City M.S. American University of Beirut. and investment fields gained through his work at University, U.S.A. the Saudi Arabian Ministry of Planning, the Saudi Chairman and Managing Director, Commercial Development Fund, and the Arab Investment Deputy Governor, Central Bank of Libya. Past offices Facilities Company, Kuwait and Member of the Company. Dr. Humaidan joined Arab Banking include Deputy Chief Executive, General Manager of Board and the Executive Committee of Kuwait Corporation (B.S.C.) as a Director in 2001. British Arab Commercial Bank, London, UK.; Investment Authority. Mr. Al Humaidhi is also a Chairman and General Manager of Gumhouria Bank, Member of the Board of Kuwait Chamber of Libya; Deputy General Manager and Director of Commerce & Industry and Director of Arab Banking Libyan Arab Tunisian Bank; Chairman of the Libyan Corporation – Egypt (S.A.E.). He has been a Director Banks Association and Director of a number of other of Arab Banking Corporation (B.S.C.) since 2001 banks and financial institutions across the region. and has over 20 years’ experience in the banking Mr. Shokri has been a Director of Arab Banking and investment sectors. Corporation (B.S.C.) since April, 2006 and has over 30 years’ experience as a banker. Mr. Yousef Abdelmaula EC GC Dr. Khaled S. Kawan Director • Libyan Secretary to the Board & Legal Counsel • Libyan M.B.A. Hartford University, U.S.A. Ph.D. (Doctorat D'Etat) in Banking Laws, University of Paris (Sorbonne), France. Mr. Abdelmaula is the Executive Director of the Libyan Foreign Investment Board. He serves also as Secretary to Arab Banking Corporation (B.S.C.)’s Director on the boards of Libyan Foreign Bank and Board of Directors since July 1992, Dr. Kawan joined Arab Banking Corporation (Jordan). Mr Abdelmaula ABC in June 1991, having previously spent some has more than 20 years of banking experience. time with a prime French Law firm in Paris. He was made Legal Counsel and Head of Legal & Compliance in March 2004. Dr. Kawan also EC Member of the Executive Committee * Chairman represents ABC as a Director on the boards of AC Member of the Audit Committee Deputy Chairman Arab Banking Corporation – Egypt (S.A.E.) and GC Member of the Corporate Governance Committee Arab Banking Corporation (Jordan). RC Member of the Risk Committee ** Dr. Saleh Lamin El-Arbah passed away after a short illness on 30 December 2006. NC Member of the Nomination & Compensation Committee ABC Group Annual Report 2006 ABC Group Annual Report 2006 4 5 Directors’ Report Banking and Retail Banking product groups, in order to achieve a more customers, a first class delivery service and good risk management, balanced and diversified business spread with the capacity to deliver we aim to fulfil our mission of generating increasing shareholder a wide range of products to an equally diversified customer base. value. The Investment Banking Division, which was formed early in Finally, as always, I should like on behalf of the Board to thank all 2006, became operational towards the end of the year and is now the Group’s management and staff for their continued support and set to make its contribution both to the services offered by the Group invaluable contribution to making 2006 one of the most successful and its revenues. years in ABC Group’s history. We would also wish to record our The Group also continued to make progress towards full Basel II thanks to all the regulatory authorities with which the Group deals compliance as it commenced implementation of the necessary worldwide, and especially to the Central Bank of Bahrain, for their software and systems to achieve the automated analytical and invaluable guidance and wise counsel.
Load more

Recommended publications
  • Achieving Growth in a Challenging Environment
    Achieving growth in a challenging environment ANNUAL REPORT 2016 Profile Established in 1957 as Bahrain’s first locally owned Bank, NBB has grown steadily to become the country’s leading provider of retail and commercial banking services. With a major share of the total domestic commercial banking market and the largest network of 25 branches and 61 ATMs, the Bank plays a key role in the local economy. At the same time, the Bank continues to diversify and develop capabilities to capture business opportunities in the Gulf region and international markets. Our branches in Abu Dhabi and Riyadh lead the way in this initiative. Publicly listed on the Bahrain Bourse, the Bank is owned 44.94% by private and institutional shareholders, mainly Bahrainis, 44.18% by Bahrain Mumtalakat Holding Company, which is 100% owned by the Government of the Kingdom of Bahrain and 10.88% by Social Insurance organisation. Market driven and customer led, the Bank harnesses the latest technology to people skills, enabling its 585 employees to deliver highly professional services for retail and corporate customers. His Royal Highness His Royal Majesty His Royal Highness Prince Khalifa bin Salman King Hamad bin Isa Prince Salman bin Hamad Al Khalifa Al Khalifa Al Khalifa Prime Minister King of The Kingdom of Bahrain Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister Contents Financial Summary 04 Board of Directors 08 Board of Directors’ Report 10 Statement of the Chief Executive Officer 12 Corporate Governance 14 Executive Management 24 Review
    [Show full text]
  • Listed Companies AGM & EGM Meetings
    Listed Companies For the Year Ended AGM & EGM Meetings 31 December 2020 Recommendations Trading AGM / EGM Cum-Dividend Ex-Dividend No. Company’s Name Record Date Remark Symbol Date /Bonus Date /Bonus Date Payment Date Bonus Cash Dividend Shares Commercial Banks Sector 1 Ahli United Bank B.S.C. AUB 2 Al Salam Bank – Bahrain B.S.C. SALAM 3 Bahrain Islamic Bank B.S.C. BISB 4 BBK B.S.C. BBK Khaleeji Commercial Bank 5 KHCB B.S.C 6 National Bank of Bahrain B.S.C. NBB Listed Companies For the Year Ended AGM & EGM Meetings 31 December 2020 Recommendations Trading AGM / EGM Cum-Dividend Ex-Dividend No. Company’s Name Record Date Remark Symbol Date /Bonus Date /Bonus Date Payment Date Bonus Cash Dividend Shares Commercial Banks Sector 7 Ithmaar Holding B.S.C ITHMR Investment Sector Al Baraka Banking Group 8 BARKA B.S.C. 9 INOVEST B.S.C INOVEST Arab Banking Corporation 10 ABC B.S.C. Bahrain Commercial Facilities 11 BCFC Company B.S.C. Bahrain Middle East Bank 12 BMB B.S.C. Listed Companies For the Year Ended AGM & EGM Meetings 31 December 2020 Recommendations Trading AGM / EGM Cum-Dividend Ex-Dividend No. Company’s Name Record Date Remark Symbol Date /Bonus Date /Bonus Date Payment Date Bonus Cash Dividend Shares Investment Sector 13 Esterad Investment Company B.S.C. ESTERAD 14 GFH Financial Group B.S.C. GFH 15 Investcorp Holding B.S.C. INVCORP 16 United Gulf Holding Company B.S.C. UGH United Gulf Investment Corporation 17 UGIC B.S.C.
    [Show full text]
  • Convergence-Batelco-3A5eaf.Pdf
    Cultivating Convergence Annual Report 2015 CONTENTS 02 Introduction 04 Vision, Mission & Values 06 Financial Highlights 08 Chairman’s Statement 12 Group Chief Executive’s Message 18 Board of Directors 20 Batelco Group Executive Team 22 Batelco Group 25 Subsidiaries and Affiliates 32 Awards Showcase 34 Corporate Social Responsibility 40 Corporate Governance 66 Consolidated Financial Statements 104 Glossary Mr. Ahmed Hussain Al Janahi Office of the Registrar Group Company Secretary Bahrain Bourse P.O. Box 14, Manama, Bahrain Financial Harbour, th Kingdom of Bahrain Harbour Mall - 4 floor, P.O. Box 3203, Tel: +973 17 881 881 Manama, Kingdom of Bahrain Fax: +973 17 611 898 Tel: +973 17 261 260 [email protected] Fax: +973 17 228 061 www.batelcogroup.com [email protected] www.bahrainbourse.net His Royal Highness His Majesty His Royal Highness Prince Khalifa bin Salman King Hamad bin Isa Prince Salman bin Hamad Al Khalifa Al Khalifa Al Khalifa The Prime Minister of The King of the Kingdom The Crown Prince, the Kingdom of Bahrain of Bahrain Deputy Supreme Commander and First Deputy Prime Minister of the Kingdom of Bahrain Batelco | Annual Report 2015 CULTIVATING CONVERGENCE 02 Cultivating Convergence Batelco has always embedded innovation transformation with a vision to become a and forward thinking as central to its leading integrator of digital solutions and strategy. For over 100 years, the company services in order to remain viable in this has been connecting people and places via new digital world. the most up to date telecommunications services available. Today, across our Group The digital era is reinventing the way we of companies, we continue to cater to live, learn, work and play and accordingly the diverse needs of our widely differing we are investing in building the right markets by focussing on being a key platforms to enable the future digital player in the changing landscape of the services and elevate communication communications environment and cross standards.
    [Show full text]
  • Customer Complaints Report July- September 2020
    Customer Complaints Report July- September 2020 Customer Complaints Report for the months July - September 2020 Production: Consumer Protection Unit Central Bank of Bahrain PO Box 27, Manama Kingdom of Bahrain www.cbb.gov.bh The Customers Complaints Report is a monthly report prepared by the Consumer Protection Unit. It is available in PDF format in the Publications and Data section at http://www.cbb.gov.bh. Contents 1. Introduction .......................................................................................................... 1 2. Concentration of Complaints: .............................................................................. 2 3. Nature of Complaints: .......................................................................................... 3 4. Status of Complaints ............................................................................................ 6 1. Introduction The Consumer Protection Unit “CP” received 24 complaints in July 2020, 18 complaints in August 2020, and 27 complaints in September 2020. Totalling 69 complaints. The following graph illustrates the monthly complaints received from 1st of July to 30th of September 2020. Monthly Complaints for Year 2020 30 27 25 24 20 18 15 Number Number Complaints of 10 5 0 July August September Customer Complaints Report July – September 2020 1 2. Concentration of Complaints: The complaints received during July-September 2020 are reported with respect to the following financial institutions, banks, and insurance companies as illustrated in the graph below. No. of Complaints (July-September 2020) 10 9 8 7 6 6 5 5 5 5 4 4 4 Number Number Complaints of 3 3 3 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 Customer Complaints Report July – September 2020 2 3. Nature of Complaints: The following chart demonstrates the nature of complaints received by the (CP) Unit during the months of July-September 2020.
    [Show full text]
  • Listed Companies BOD Meetings to Approve the Financial Results for the Period Ended 31/12/2017
    Listed Companies BOD Meetings to approve the Financial Results for the Period ended 31/12/2017 BOD No. Company’s Name Symbol Remarks Date BOD Time Commercial Banks Sector Tuesday 1 Ahli United Bank B.S.C. AUB 01:00 p.m. 20/02/2018 Tuesday 2 Al Salam Bank – Bahrain B.S.C. SALAM 01:00 p.m. 13/02/2018 Monday 3 Bahrain Islamic Bank B.S.C. BISB 10:00 a.m. 12/02/2018 Monday 4 BBK B.S.C. BBK 11:00 a.m. 19/02/2018 Wednesday 5 Khaleeji Commercial Bank B.S.C KHCB 12:30 p.m. 07/02/2018 Monday 10:00 a.m. 6 National Bank of Bahrain B.S.C. NBB 29/01/2018 Thursday 7 Ithmaar Holding B.S.C ITHMR 01:00 p.m. 22/02/2018 Investment Sector Tuesday 8 Al Baraka Banking Group B.S.C. BARKA 11:00 a.m. 20/02/2018 Wednesday 9 INOVEST B.S.C INOVEST # 01:00 p.m. 28/02/2018 Sunday 10 Arab Banking Corporation B.S.C. ABC 01:00 p.m. 11/2/2018 Bahrain Commercial Facilities Company Tuesday 11 BCFC 04:00 p.m. B.S.C. 27/02/2018 Wednesday 12 Bahrain Middle East Bank B.S.C. BMB 01:00 p.m. 31/01/2018 Tuesday 13 Esterad Investment Company B.S.C. ESTERAD 01:00 p.m. 23/01/2018 Tuesday 14 GFH Financial Group B.S.C. GFH 01:00 p.m. 13/02/2018 Wednesday Through 15 Investcorp Bank B.S.C.
    [Show full text]
  • Bahrain Bourse Daily Bulletin Monday, August 18, 2014
    KAMCO Research Bahrain Bourse Daily Bulletin Monday, August 18, 2014 Bahrain All Share Index Return v.s. Volume (Jan-13 - Current) Sectors' Return & Valuation Multiples 1,550 550 Market Cap. MTD P/E P/B Yield 1,500 500 (BHD Mln) % Chg (X) (X) (%) 1,450 450 1,400 400 Bahrain Bourse 8,352 0.01% 14.08 1.09 3.42% 1,350 350 Commercial Banks 3,803 (0.10%) 14.98 1.63 3.76% 1,300 300 Investment 2,342 (0.47%) 14.48 0.75 0.87% 1,250 250 Insurance 179 3.82% 10.23 0.91 2.34% 1,200 200 Service 1,111 2.11% 12.84 1.23 5.17% Hotel & Tourism 204 0.00% 12.84 1.02 4.22% 1,150 150 (Mln.Shares) Traded Vol. Bahrain All Bahrain All Share Index Industrial 713 (1.93%) 12.36 0.80 7.33% 1,100 100 Sectors' MTD Return is based on the Change in market cap. and it might not conform with the benchmark return for each sector 1,050 50 1,000 0 Market Breadth 1237 4.1.13 8.8.13 4.9.13 8.4.14 5.5.14 1.6.14 31.1.13 27.2.13 26.3.13 22.4.13 19.5.13 15.6.13 12.7.13 1.10.13 17.1.14 13.2.14 12.3.14 28.6.14 25.7.14 21.8.14 28.10.13 24.11.13 21.12.13 Top 10 Stocks by Market Capitalization Market Return,Volatility & Trading Indicators Market Cap.
    [Show full text]
  • Bank ABC Investors Highlight Presentation
    Q4 / FY 2020 Results Presentation Key Messages ▪ 2020 has been a year like no other, impacted by unprecedented and deeply challenging conditions represented by the Covid-19 pandemic, collapse in oil prices and interest rates, and the emergence of some major fraud in the MENA region ▪ Bank ABC has not been immune and has faced considerable operational and financial pressures. Nonetheless, a proactive response to the Covid-19 pandemic ensured the Group maintained its operational and financial resilience throughout 2020 ▪ The Bank strategy remained consistent and Bank ABC continued to invest in its strategic journey, delivering significant milestones such as its digital transformation winning multiple awards for its ‘mobile-only’ bank ila, being recognized as the Bank of the Year in Bahrain, and announcing a landmark acquisition of Blom Bank Egypt ▪ Despite such unprecedented market conditions, the Bank delivered robust underlying revenues, a strong balance sheet and a net operating profit of $282m before provisions ▪ Operating business performance continued to show robust traction with underlying TOI of $793m (91% of FY 2019) ▪ The Bank achieved prudent cost management, with a 7% drop in headline costs to $486m, while prioritizing continuing investments in the Group’s digital transformation and strategic initiatives ▪ The Bank shows a strong balance sheet with a 16.6% Tier 1 ratio (16.2% CET1), LCR of 324% and NSFR of 122% ▪ FY 2020 ECL charge of $329m driven higher by unforeseen client frauds of $183m, combined with Covid-19 conditions and forward-looking nature of IFRS 9. This led to a net loss of $89m for the year.
    [Show full text]
  • Value Creation and Market Valuation: Measuring Performance in the Banking Sector of the Gulf Region
    December 2017 HCM Viewpoint Value Creation and Market Valuation: Measuring Performance in the Banking Sector of the Gulf Region hcm.com Introductory Note Banks in the Gulf region have been gaining in importance Regardless of your industry, please contact us if you can in recent years, both locally and in foreign markets. Yet, in benefit from an approach that connects these topics to the current context of continuing pressure on oil prices sound business strategy and financial stewardship. and questions on regional stability, it is valid to ask how well Gulf banks are doing in terms of value creation, both on an Value Creation: External and Internal Metrics absolute and relative basis. It is equally valid to ask whether the share price movements of these banks in recent years As depicted in Figure 1, the market capitalization of the 46 accurately reflect the internal value creation taking place Gulf banks1 covered by this study lies between USD 379 and at these institutions. USD 37’570 million as of 31 December 2016. The banking sector represents a significant part of the stock market This HCM viewpoint provides a comparative overview of in the Gulf region – ranging from 26 (Saudi Arabia) to 69 46 banks in the Gulf region. It finds that value creation in percent (Bahrain) of public stock market capitalization. the Gulf banking sector has generally increased in recent years, though not at all banks. Further, it finds a plausible In general, company performance can be measured using correlation between internal value creation and changes external and internal indicators of value creation, which in share price for most banks.
    [Show full text]
  • Open Banking User Guide
    Open Banking User Guide 1 Contents Introduction: ........................................................................................................................... 3 Download Open Banking Mobile Application ................................................................... 4 Registration: ............................................................................................................................ 5 Unlinking Accounts ............................................................................................................... 9 Updating Linked Accounts: ................................................................................................ 11 Deregistration: ...................................................................................................................... 15 Connecting to Open Banking Aggregator ....................................................................... 19 Connect NBB Account .................................................................................................... 23 Connect BISB Accounts .................................................................................................. 27 Open Banking Registration ....................................................................................... 27 Aggregator Linking ..................................................................................................... 30 Connect BBK Accounts ................................................................................................... 32 Aggregator
    [Show full text]
  • Dividend Announcement: Is It a Good News to the Bahrain Bourse?
    International Journal of Economics and Finance; Vol. 6, No. 12; 2014 ISSN 1916-971X E-ISSN 1916-9728 Published by Canadian Center of Science and Education Dividend Announcement: Is It a Good News to the Bahrain Bourse? Batool K. Asiri1 1 College of Business Administration, University of Bahrain, Bahrain Correspondence: Batool K. Asiri, College of Business Administration, University of Bahrain, Bahrain. E-mail: [email protected] Received: September 15, 2014 Accepted: September 29, 2014 Online Published: November 25, 2014 doi:10.5539/ijef.v6n12p228 URL: http://dx.doi.org/10.5539/ijef.v6n12p228 Abstract This paper presents a study of 157 dividend announcements made by 40 companies listed in the Bahrain Bourse and an examination of the relationship between dividend announcements and the stock market. The study lasted from 2004 to 2013, and the results indicate that investors have gained cumulative abnormal returns that average at 2.29 percent within the 30-day periods before and after the dividend announcement. Moreover, the findings have revealed that investors gained approximately 0.45 percent of the market value on all stocks that had increasing dividends; therefore, it can be reasonably concluded that, when announced to the public, dividend increases promote a positive message about a company’s future growth and the promise of sustained cash flow. Alternatively, it could be seen as the Bahrain Bourse is inefficient in a semi-strong form. The study further highlights that abnormal returns gained by investors tend to vary across sectors. In general, the findings of this study fail to provide significant evidence in support of the dividends irrelevancy theory; on the contrary, they indicate that dividend payments act as positive signals that assure investors of steady cash flow and substantial future earnings.
    [Show full text]
  • Annual Report 2019
    NUMBERSTALK 9Annual Report 2019 BAHRAIN KUWAIT UAE UK EGYPT IRAQ OMAN 9LIBYA Constantly striving to provide greater levels of shareholder and customer satisfaction by delivering ever higher 9standards of performance % increase in Total Assets to US$ 40.3 billion 13.4 compared to 2018 % increase in Net Profit to US$ 730.5 million 4.7 compared to 2018 % increase in Shareholders’ Equity to US$ 4.3 billion 9.1 compared to 2018 Ahli United Bank Annual Report 2019 02 CONTENT 04 06 GROUP MISSION STATEMENT AUB OPERATING DIVISIONS 08 16 18 FINANCIAL HIGHLIGHTS BOARD OF DIRECTORS’ REPORT BOARD OF DIRECTORS 22 24 27 CHAIRMAN’S STATEMENT GROUP CHIEF EXECUTIVE OFFICER & CORPORATE GOVERNANCE MANAGING DIRECTOR’S STATEMENT 48 55 56 GROUP BUSINESS AND RISK REVIEW GROUP MANAGEMENT GROUP MANAGEMENT ORGANIZATION STRUCTURE 59 61 131 CONTACT DETAILS CONSOLIDATED FINANCIAL PILLAR III DISCLOSURES - BASEL III STATEMENTS Ahli United Bank Annual Report 2019 03 Group Mission Statement To create an unrivalled ability to meet customer needs, provide fulfilment and development for our staff and deliver outstanding shareholder value. Ahli United Bank Annual Report 2019 04 OBJECTIVES AUB VISION & STRATEGY • to maximise shareholder value on a sustainable basis. • Develop an integrated pan regional financial services • to maintain the highest international standards of corporate group model centered on commercial and retail banking, governance and regulatory compliance. private banking, asset management and life insurance with an enhanced Shari’a compliant business contribution. • to maintain solid capital adequacy and liquidity ratios. • Acquire banks and related regulated financial institutions in • to entrench a disciplined risk and cost management the Gulf countries (core markets) with minimum targeted culture.
    [Show full text]
  • ABC Group KEY PERSONS DEALING STANDARD
    ABC Group KEY PERSONS DEALING STANDARD Document Governance Title: ABC Group Key Person Dealing Standard Classification: Internal use only Status: Approved Document Owner: Group Head of Compliance Document Approver(s): Group Compliance Oversight Committee Document Application: Arab Banking Corporation (B.S.C.) Version: 3.0 Last Review Date: Oct 2020 Next Review Date: Oct 2022 Internal use only Contents 1. OVERVIEW ............................................................................................ 4 2. DEFINITIONS ......................................................................................... 4 3. RESTRICTIONS ON TRADING: EXCEPTIONS ............................................ 5 3.1 Notifications ............................................................................................................................... 5 3.2 Restrictions ................................................................................................................................. 5 3.3 Exceptions .................................................................................................................................. 6 4. ITC OFFICER .......................................................................................... 6 4.1 Identification .............................................................................................................................. 6 4.2 Duties ......................................................................................................................................... 6 5.
    [Show full text]