(MENAFN) Arab Bank Group has demonstrated robust financial performance for the first half of 2024, with net profits after tax reaching USD503 million. This figure marks a notable increase of 25 percent compared to USD401 million reported by June 30, 2023. The group has also maintained a strong financial position, with equity standing at USD11.5 billion. This solid financial footing underscores the group’s stability and successful operational strategies.

The group’s assets grew by 5 percent, totaling USD68.7 billion by the end of the first half of 2024. Additionally, the total credit facilities portfolio saw a 6 percent increase, reaching USD38.1 billion, up from USD36.1 billion in the same period of the previous year. This growth in credit facilities reflects the bank’s expanding lending activities and its role in supporting economic development.

Customer deposits also experienced growth, rising by 5 percent to USD50.5 billion, compared to USD48.3 billion in the first half of the previous year. When adjusted for currency exchange rate fluctuations, the increase in the facilities portfolio and customer deposits is even more pronounced, with growth rates of 8 percent and 6 percent, respectively. These figures highlight Arab Bank Group’s continued success in attracting deposits and expanding its credit offerings, contributing to its overall financial strength and operational success.

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