Arab Bank Group first quarter profits grow by 5.2% to $231.8 million
Arab Bank Group announced its results for the first quarter of 2019 reporting 5.2% growth in net profit after tax of $231.8 million as compared to $220.3 million in 2018, with net income before tax increasing by 9.1% to reach $312.8 million. Group equity stood at $8.5 billion, while loans increased to reach $25.8 billion and deposits increased to $33.7 billion.
Mr. Sabih Masri, Chairman of the Board of Directors stated that the performance of Arab Bank Group confirms the success of the Group in generating strong results despite the backdrop of the challenging operating environment.
Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with first quarter results recording a healthy increase in net operating income. He added that the strong performance was driven by growth in core banking income with net interest income increasing by 7% as well as by lower provisions.
Mr. Sabbagh remarked that Arab Bank Group enjoys high liquidity and strong and robust capitalization. Group’s capital adequacy ratio stood at 15.5% as of 31 March 2019. He added that the asset quality of the Group remains high and that credit provisions held against non-performing loans continue to exceed 100%.
Mr. Masri expressed his confidence in the Group’s ability on delivering strong and sustainable results.
Arab Bank was named “Best Bank in the Middle East” for the 4th consecutive year by Global Finance, New York.