São Paulo – Bank ABC Brasil, controlled by Arab Banking Corporation, headquartered in Bahrain, registered net profit of R$ 236 million (US$ 137 million) in 2011, 16.7% more than in the same period in 2010.
The growth was mainly due to greater margin, which was 20.5% last year, and also to expansion in services provided, where growth was 15.9%.
In the fourth quarter of 2011, the bank’s net profit reached R$ 60.6 million (US$ 35.2 million), growth of 3.5% over the previous quarter. ABC Brazil ended 2011 with 1,879 clients, 253 more than in 2010.
ABC Brasil is a financial institution specialized in medium and large organisations. The institution operates in the corporate sector (organisations with annual revenues between R$ 250 million [US$ 145 million] and R$ 2 billion [US$ 1.2 billion]) and in the middle market sector (medium sized companies, with revenues ranging from R$ 30 million [US$ 17.5 million] and R$ 250 million [US$ 145 million]).
*Translated by Mark Ament
