annual report 2005 - Arab Banking Corporation, ALGERIA

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Presentation ABC-ALGERIA, subsidiary of Arab Banking Corporation (B.S.C) Bahrain, was the first international private bank to be authorized to operate under Algerian legislation, by an official decision of the ‘’Conseil de la Monnaie et du Crédit de la Banque d’Algérie’’ (Council of Currency & Credit of Central Bank Of Algeria) on September 24 th 1998. ABC-Algeria has launched its activities on December 2 nd , 1998 with the opening of its head office and its central branch in Bir Mourad Rais Algiers. Capital and Shareholders The bank’s initial capital of DZD 1 183 200 000 (Algerian Dinars) has been increased during the Extraordinary General Meeting held on June 26 th 2000 to DZD 2 670 000 000 (Algerian Dinars) in order to improve shareholder equity, to enable the bank to increase its commitments and financial capabilities, and to meet its customers needs. The Shareholders Shareholders % Capital DISTIBUTION OF EQUITY Arab Banking Corporation – ABC (B.S.C) - Bahrain 70 % 11% The Arab Investment Company -TAIC Riyadh The International Finance Corporation - IFC Washington. 10% 4,43% 10% 4% 5% ABC (BSC) TAIC IFC CAAR La Compagnie Algérienne d’Assurance et de Réassurance – LA CAAR Algeria Six Algerian Private Investors 5% 10, 57% 70% OTHERS
Message of the President François Nour NAHAWI Chairman of the Board of Directors It gives me pleasure to inform you that the Bank achieved a net profit of DZD 588 million during the year ended 31 December 2005 (2004: DZD 380 million). This is particularly gratifying as it confirms that the Bank has overcome some difficulties of the early years of its life as a result of the corrective actions taken. It also proves that the strategy implemented is working successfully. ECONOMIC REVIEW Following its impressive performance in 2003 & 2004, the Algerian economy once again experienced excellent growth during 2005. All economic indicators showed positive movements. GDP grew by 6.5% and foreign exchange reserves rose by a further US$10 billion to US$50 billion, pushing the external debt ratio to a healthy 20%. External debt currently stands at US$16 billion, down from US$23 billion at the end of 2004. The main contributors to this impressive performance were high oil and gas revenues, resulting from record high hydrocarbon prices in the international markets. The fiscal surplus has widened steadily over the past years as a consequence of high prices. The Government undertook a number of development projects in the country, which are successfully underway. Trade and commerce grew in line with the boom being experienced worldwide, particularly in the oil and gas producing countries. The bullish trend in the economy was also reflected in the banking sector, which flourished during the year. The Government has affirmed its intention to carry out privatization that should open Algeria’s small and financial sector to foreign investors. There are also expectations that the regulatory environment will be improved further. Two new banks were established in the year, taking the total number of banks to 17 in the Country. Of these six are state owned or state controlled and 2 are privately owned. The number of foreign banks reached 9. It should be recalled that ABC Algeria was the first privately owned foreign bank in the country established in 1998. The banking sector in Algeria further expanded during 2005, on the back of increased economic activity particularly from the expansion in the hydrocarbons sector and the flurry of foreign
Page 1: ANNUAL REPORT 2005 Table Of Content
Page 5 and 6: policies applied across all ABC Uni
Page 7 and 8: ABC-ALGERIA BOARD OF DIRECTORS From
Page 9 and 10: Member: Sami BENGHARSA Deputy Gener
Page 11: ORGANIZATION CHART OF ARAB BANKING
Page 14 and 15: Major Financing for Manufacturing I
Page 16 and 17: “Trade Finance” The principal a
Page 18 and 19: Financing of food processing
Page 20 and 21: Financing for Telecommunication
Page 22 and 23: OFF BALANCE SHEET as at 31st Decemb
Page 24 and 25: MAJOR INDICATORS 2005 2004 Var. 1-
Page 26 and 27: c) Loans and Advances to Customers
Page 28 and 29: e) Capital During the year 2005 the
Page 30 and 31: Tehran No. 114, 1st Floor (opposite
Page 32 and 33: International Division Branches Gra
Page 34: Tlx: 648343 ARAB BANKING CORPORATIO

annual report 2005 - Arab Banking Corporation, ALGERIA

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