Arab Bank Group continues to deliverstrong financial performance, reporting net income after tax of $748.6million in the first nine months of this year compared to $630.3 million for the same period last year, with an increase of 19%.
The Group’s assets grew by 6% reaching $70.5billion.At constant currency loans grew by 8% to reach $38.3billion, whiledeposits grew by 7% to reach $51.9 billion.The Group maintained its solidcapital base with a total equity of $11.9 billion.
Mr. Sabih Masri, Chairman of the Board of Directors, stated that the results reflectthe successful and consistent execution of the Group’s growth strategy and its prudent approach towardsmanaging risks, liquidity and capital to ensure achieving growth objectives despite challenging market environment.
Ms. Randa Sadik, Chief Executive Officer, stated that the Groupcontinues toachieve growth milestones across different segments.Ms. Sadikhighlighted that the bank’s net operating income grew by 12% driven by diversified core banking activities, and improvement of operating efficiency.
Ms. Sadik added that the Group’s performance in the first nine months of this yearreflect its business model resilience to challenging market conditionswithloan-to-deposit ratio at 73.9%, and credit provisions against non-performing loans above 100%, and capital adequacy ratio of 17.7%.
Ms. Sadik emphasized the Group’sfocus on digital transformation as a fundamental pillar of its innovation-based strategy; providing digital financial solutions across all channels to enrich customers’ experience.
Arab Bank was named "Best Bank in the Middle East 2024” by Global Finance for the ninth consecutive year.
