(LONDON, 18th March 2025) British Arab Commercial Bank (BACB), the London-based specialist trade finance bank, has approved its 2024 financial statements.
For the second year running, BACB can announce record revenue and profit before tax, driven by headline trade finance revenues which are up 23%, reflecting a strong performance across BACB’s core emerging & frontier markets.
All business areas contributed towards a strong performance with Global Transaction Banking (Trade Finance & Cash Management) accounting for 69% of the Bank’s revenue. Trade asset distribution volumes increased significantly by 9% to £1.3bn.
“2024 has been the strongest year in the Bank’s history,” commented CEO Paul Jennings. “Building on the momentum gathered in 2023, we accelerated a programme of internal change focused around two priorities: pursuing safe and sustainable business growth and building a more resilient organisation.”
“Achieving these two goals required significant investment in physical, human and digital infrastructure and this set of excellent financial results is testament to the hard work of everyone across BACB – in London, Tripoli, Algiers and Abidjan.”
The full 2024 Financial factsheet can be viewed here.
