Arab Bank Group profits grow by 4% to $669 million for nine month 2019
29 Oct, 2019
Arab Bank Group reported net income after tax for the nine month period ended 30 September 2019 of $668.9 million compared to $643.2 million in the prior period, recording a growth of 4%. The Group’s net income before tax grew by 6% to reach $912 million with net operating income reaching $ 1,040 million and recording a growth of 5%.
Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong operating performance of Arab Bank Group confirms the strength of its franchise locally and abroad with its wide geographical diversification. He added that Arab Bank has recently opened a new branch in Shanghai in a move designed to strengthen its footprint in the Chinese market within its global network which includes about 600 branches across five continents
Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with nine month period results recording a healthy increase of 5% in net operating income. He added that the strong performance was driven by growth in core banking income with net interest income increasing by 5%. Total loans increased by 3% to reach $26.1, and deposits increased by 4% to reach $34.7 billion.
Mr. Sabbagh remarked that Arab Bank Group enjoys high liquidity and strong and robust capitalization. Group’s capital adequacy ratio stood at 16.1% and loan to deposit ratio at %75.4 as of 30 September 2019. He added that the asset quality of the Group remains high and that credit provisions held against non-performing loans exceed 100%
Mr. Sabih Masri expressed his confidence in the Group’s ability to maintain its leading position and to continue delivering strong results and sustainable growth.
Arab Bank was named “The Middle East’s Best Bank 2019”, by Euromoney – London in addition to “Best Bank in the Middle East” for the 4th consecutive year by Global Finance, New York.