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ARAB BANK GROUP PROFITS GROW BY 25% TO $ 503MILLION FOR THE FIRST HALF OF 2024
Arab Bank Group reported solid results for the first half of 2024, with 25% increase in net income after tax reaching $503 million as compared to $401 million for the same period last year. The Group maintained its strong capital base with a total equity of $11.5 billion.
Assets grew by 5% reaching $68.7 billion and at constant currency, the Group’s loans grew by 8% to reach $38.1 billion, and deposits grew by 6% to reach $50.5 billion.
Mr. Sabih Masri, Chairman of the Board of Directors, stated that the solid financial performance during the first six months underscores the successful execution of the bank’s prudent risk practices, diversified business model and its focus on core banking activities. Mr. Masri emphasized on the Group’s ability to continue achieving robust performance which reinforces its leading position in the market.
Ms. Randa Sadik, Chief Executive Officer, stated that the strong financial results reflect the bank’s robust assets base and strong capitalization. Ms. Sadik highlighted that the bank’s net operating profit grew by 11% driven by core banking activities coupled with controlled operating expenses. The bank continues to implement its digital strategy, expanding the offering of innovative digital solutions across the bank’s various business segments.
Ms. Sadik added that the bank’s balance sheet strength, solid capitalization, and high liquidity levels have well positioned the bank for sustainable growth. The Group’s loan-to-deposit ratio stood at 75.4% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.5%.
Arab Bank has recently received the “Best Bank in the Middle East 2024” award from New York-based international publication “Global Finance”, for the ninth consecutive year.
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