The corporate banking portfolio grew by 5 per cent YoY to $4.3bn while its net interest income rose by 10 per cent to $45.9m
The post APICORP posts $108.7m in half-year net profit appeared first on Gulf Business .,• The Arabian Petroleum Investments Corporation, or APICORP, has posted a half-year profit of a whopping $108.7 million.
• The growth narrative sees APICORP’s Corporate Banking portfolio expanding by 5% YoY, putting it at a sturdy $4.3 billion.
• There’s a surge in the net interest income too, which is up by 10% to reach $45.9 million.
• The corporation’s CEO, Dr Ahmed Ali Attiga, talks up APICORP’s “robust and diversified portfolio,” as he associatively credits it for the impressive results.
• Both the Energy Capital and Treasury & Capital Markets departments saw revenue increases, which further contributed to the profits.
• With an Aa2 rating from Moody’s, APICORP’s overall credit quality of the portfolio remains remarkably high and mitigates industry risks.
• Lastly, amidst the overall financially stellar narrative, APICORP’s ESG rating by MSCI improved, reflecting commitment to sustainability while bagging profits.
The Dollars, Diversification, and Domination of APICORP
A Grand Half-Year Profit and a Growing Portfolio
You’ve heard of AI, right? Well, every so often we tech nerds need to look away from futuristically named neural networks and high-tech predictive algorithms, to see how the big fellas are doing in the banking world. Enter APICORP, strutting down the proverbial Finance Avenue, netting a half-year profit of $108.7 million. Yes, folks, that’s enough money to buy a private island or finance Batman’s nightly escapades, I speculate.
Even APICORP’s Corporate Banking portfolio expanded faster than a Transformer on a mission, growing by 5% YoY to a healthy $4.3 billion. For context, imagine stacking $1 bills at about the distance to the moon and halfway back. Moreover, their net interest income also decided to join the upswing party by rising 10%, hitting the $45.9 million mark.
Said The Spider to The Fly
When asked ‘what’s cooking?’, CEO Dr Ahmed Ali Attiga points to APICORP’s “robust and diversified portfolio”. Given these gears moving in harmony, it’s no wonder they kept their revenue meter ticking. The Energy Capital and Treasury & Capital Markets departments didn’t just sit back, they saw significant revenue increases too, again pushing the overall profit upwards.
Honestly, if APICORP’s profit were a mountain, it would give Everest serious height complex.
Credit and Credibility with ESG Commitment
As if these skyrocketing profits and portfolio growth weren’t enough, APICORP continues to exhibit remarkably high credit quality. Its Aa2 rating from Moody’s – basically the credit rating equivalent of an Olympic Gold – indicates it can manage those risky industry edges.
And it isn’t all about profits. These guys also got their ESG rating by MSCI improved. For the uninitiated, or those distracted by the astronomical numbers, ESG stands for Environmental, Social and Governance related factors in investments. So, while they’re counting their coins, APICORP’s also playing nice with the planet and its people.
In the end, it seems APICORP isn’t just about making money, but making money the right way – and a shedload of it. Who knew they could outshine our beloved Artificial Intelligence by simply diversifying, managing risks, and keeping an unwavering eye on sustainability?
My “hot take” on this? Maybe artificial intelligence should also start picking up tips from the corporate banking world. After all, if a petroleum investments corporation can post such profits, even amidst a pandemic, surely our sophisticated AI algorithms can do something similar, right? It should if it’s AI-ming for world domination! So, bottle up some of that APICORP magic, A.I.! This party might just be getting started.