Arab Bank Group Profits Grow By 30% To $216 Million For The First Quarter Of 2023
(MENAFN- Dubai PR Network) Arab bank Group Profits Grow by 30% to $216 Million for the First Quarter of 2023
Dubai, UAE, 30th April 2023: Arab Bank Group reported solid results for the first quarter 2023, with 30% increase in net income after tax reaching $216 million as compared to $166 million for the same period last year.
The Group maintained its strong capital base with a total equity of $10.4 billion. Loans grew to $35.4 billion and deposits reached $47.7 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 3% & 4%, respectively.
Mr. Sabih Masri, Chairman of the Board of Directors, stated that Arab Bank's first quarter 2023 performance was strong despite the challenging environment for banks globally and regionally. He also added that the results reflect the bank's resilience and ability to deliver sustainable growth. Mr. Masri commented that the bank remains committed towards serving customers' evolving needs, and continuing to invest in innovation and digital transformation.
Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank continued to deliver sustainable growth rates during 2023 despite the continued elevated inflation & interest rates. Ms. Sadik commented that the bank's net operating profit grew by 50% driven by the growth in revenues from its core banking business as well as disciplined control of operating costs, where provisions held during the period reflect the bank's prudent strategy against the increased economic uncertainty witnessed globally and regionally.
Ms. Sadik added that the Group's liquidity and asset quality remains solid where loan-to-deposit ratio stood at 74.1% 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 16.8%.
Ms. Sadik also highlighted Arab Bank's commitment towards innovation and digital transformation through expanding digital banking services and solutions inline with the latest trends and developments. She also noted that the bank is offering initiatives for FinTech entrepreneurs to present their ideas to develop them into innovative FinTech solutions and products.
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