Ultimate magazine theme for WordPress.

Arab Bank Group first half 2019 profits grow by 4% to reach $453 million

3

Arab Bank Group announced its results for the first half of 2019 reporting a growth of 4% with net profit after tax reaching $453 million as compared to $436 million in 2018. Total loans increased by 3% to reach $26.2, and deposits increased by 3% to reach $34.1 billion. Group equity stood at $8.7 billion.

Mr. Sabih Masri, Chairman of the Board of Directors commented that despite the continued slowdown of economic growth in the region, the Group continues to deliver strong financial performance, which affirms the Bank’s effective management of risks and its ability to deal with the challenging environment.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with first half 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%.

Mr. Sabbagh remarked that Arab Bank Group enjoys high liquidity and strong and robust capitalization. Group’s capital adequacy ratio stood at 15.8% and loan to deposit ratio at %76.9 as of 30 June 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 recently 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.

 

 

Get real time updates directly on you device, subscribe now.

3 Comments
  1. Lisa Rutherford says

    Great write-up, I am normal visitor of one’s website, maintain up the nice operate, and It is going to be a regular visitor for a long time.

  2. Grace Mitchell says

    I must convey my affection for your kind-heartedness supporting individuals who absolutely need assistance with this question. Your special commitment to passing the solution all through appeared to be pretty productive and have specifically permitted employees just like me to achieve their aims. Your personal helpful guideline signifies a whole lot to me and even more to my mates. Thank you; from all of us.

  3. Fiona Ince says

    I enjoy you because of every one of your efforts on this blog. My aunt really likes engaging in investigation and it is easy to understand why. Almost all hear all concerning the lively method you offer informative solutions on the blog and as well encourage contribution from some other people about this situation and our own girl is without question starting to learn a lot of things. Have fun with the rest of the year. You have been carrying out a useful job.

Leave A Reply

Your email address will not be published.

Do NOT follow this link or you will be banned from the site!