(MENAFN- Dubai PR Network) Arab Bank Group reported solid results for the first quarter of 2024, with 17% increase in net income after tax reaching $252.8 million as compared to $216.3 million for the same period last year. The Group maintained its strong capital base with a total equity of $11.3 billion.
At constant currency the Group's loans grew by 7% to reach $37.1 billion, and deposits grew by 6% to reach $49.8 billion.
Mr. Sabih Masri, Chairman of the Board of Directors, stated that Arab Bank's first quarter 2024 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 from multiple markets mainly from the GCC region. Mr. 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.
Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank delivered robust results during the first quarter 2024, where the bank's net operating profit grew by 10% driven by increase in core banking income across various sectors and markets, with a clear focus on enhancing non-interest income contribution and revenue diversification.
Ms. Sadik added that the Group's liquidity and asset quality remain solid where loan-to-deposit ratio stood at 74.5% 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 17.8%.
Ms. Sadik emphasized on the bank's commitment towards innovation and digital transformation, highlighting the bank's ongoing investment in technology and its strategic focus on customer-centric innovations offering seamless banking experiences to customers across various sectors.
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