ARAB BANK GROUP REPORTS NET PROFIT OF $748.6 MILLION FOR THE FIRST NINE MONTHS OF 2024
Date
11/2/2024 11:03:13 AM
(MENAFN- Ogilvy) Arab bank Group continues to deliver strong financial performance, reporting net income after tax of $748.6 million 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 $70.5 billion. At constant currency loans grew by 8% to reach $38.3 billion, while deposits grew by 7% to reach $51.9 billion. The Group maintained its solid capital base with a total equity of $11.9 billion.
Mr. Sabih Masri, Chairman of the Board of Directors, stated that the results reflect the successful and consistent execution of the Group’s growth strategy and its prudent approach towards managing risks, liquidity and capital to ensure achieving growth objectives despite challenging market environment.
Ms. Randa Sadik, Chief Executive Officer, stated that the Group continues to achieve growth milestones across different segments. Ms. Sadik highlighted 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 year reflect its business model resilience to challenging market conditions with loan-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’s focus 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.
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