The Arab Bank Group has announced a net income after tax of $748.6 million for the first nine months of this year, marking a 19% increase from the $630.3 million recorded during the same period last year. The Group's assets have expanded by 6%, reaching $70.5 billion. In constant currency terms, loans have grown by 8% to $38.3 billion, while deposits have increased by 7% to $51.9 billion. The Group has sustained its robust capital base, with total equity standing at $11.9 billion.
Sabih Masri, Chairman of the Board of Directors, emphasized that these results underscore the successful implementation of the Group's growth strategy and its cautious approach to risk, liquidity, and capital management. This has enabled the Group to meet its growth targets despite a challenging market environment.
Randa Sadik, Chief Executive Officer, noted that the Group continues to reach significant growth milestones across various segments. Sadik pointed out that the bank's net operating income grew by 12%, driven by diversified core banking activities and improved operating efficiency. She further highlighted that the Group's performance in the first nine months of this year demonstrates the resilience of its business model to market challenges, with a loan-to-deposit ratio of 73.9%, credit provisions against non-performing loans exceeding 100%, and a capital adequacy ratio of 17.7%.
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