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BACB announces best financial results in Bank’s history

Posted on 15/03/2024

Financial Reports

BACB has announced that the Bank’s Board of Directors has approved its 2023 financial statements confirming a set of exceptional results.

  • Record profit before tax of £36.4m – a 161% year on year increase
  • Operating income of £87.9m – a 53% year on year increase
  • Cost-income ratio down to 61% from 73% in 2022
  • Return on tier 1 capital up to 12% from 8% in 2022

These financial results, the best in the bank’s 51-year history, demonstrate the success of the growth strategy led by CEO Paul Jennings. Built upon BACB’s core trade finance offering, this board-approved strategy has prioritised safe, sustainable growth – leveraging existing expertise and products, enhancing service delivery, and investing in the development of relationships with core markets in Africa.

“These excellent results are testament to the hard work of everyone across the Bank,” commented Jennings. “Notwithstanding some noteworthy investments in people and infrastructure this year, including the complete refurbishment of our head office at Mansion House Place, our financial metrics have improved across the board.”

BACB’s global transaction banking offering, incorporating trade finance and payment services, sits alongside a suite of treasury services and a UK real estate finance specialty. The core driver for 2023’s results was growth across all the Bank’s business lines, bolstered by a strong balance sheet with stable capital adequacy and liquidity coverage ratios.

Jennings added: “BACB’s financial and non-financial achievements for 2023 place us in a strong position for 2024 and beyond. We are confident that with the quality of our people, who are our greatest asset, BACB will remain our clients’ banking partner of choice, and we will continue to go from strength to strength.”

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