Press Release —
Arab Bank Group delivered strong
financial performance in the first nine months of 2022, reporting an after-tax
net income of $405.8 million, or 49 percent more than the $271.7 million
recorded in the corresponding period of 2021.
اضافة اعلان
The group said in a statement that its core banking
activities maintained the momentum in most areas of operations, delivering
solid underlying growth in loans and deposits.
At the end of September 2022, loans were up by 4
percent from the September 2021 level reaching $35.6 billion, while deposits
also nudged up by 3 percent to $47.8 billion.
Board Chairman
Sabih Masri said that the strong
performance “shows the growth potential, and resilience that diversification
brings to the bank, despite the challenging economic environment”.
Masri expressed his confidence in the bank’s ability
to “continue to grow, based on its sound strategy, while maintaining the
strength of its balance sheet”, the statement added.
CEO Randa Sadik said that the underlying results
“reflect Arab Bank’s earnings capacity strength with 13 percent growth in net
operating income across the Bank’s lines of business”.
“This is primarily driven by the increase in total
net interest and commission income, in addition to the controlled operating
expenses,” she said. She pointed out that the group’s liquidity, and asset
quality “remain solid”, where loan-to-deposit ratio stood at 74.3 percent, and
credit provisions held against non-performing loans continue to exceed 100
percent.
Arab Bank Group maintains strong capital base that
is predominantly composed of common equity with capital adequacy ratio of 16.4
percent, according to the statement.
Sadik noted that the bank “is on track to deliver
its strategic digital transformation objectives, providing a comprehensive
range of banking solutions and seamless customer experiences across the network
and segments”, according to the statement.
Earlier this year, Arab Bank was named “Best Bank in
the Middle East 2022” for the seventh consecutive year by the New York-based
international publication “Global Finance”.
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