Arab Bank Group reports net income of USD 600.8 million
29 Oct, 2017
Arab Bank Group continued its solid financial performance during 2017, posting net income after provisions and taxes of USD 600.8 million for the nine months period ended 30 September 2017 as compared to USD 617.9 million in prior period. The results were achieved despite the impact of the translation effect of foreign currency devaluations.
The performance of Arab Bank Group reflects its commitment to grow while maintaining a strong and healthy capital base as shareholders’ equity reached USD 8.5 billion as of September 30th, 2017. Customer deposits stood at USD 33.6 billion whilst the loans and advances increased by 6% to reach USD 25 billion compared to USD 23.7 billion as of December 31st, 2016.
Mr. Sabih Masri, Chairman of the Board of Directors commented that the financial performance during the nine months period confirms the success of the Group in dealing with the challenging operating environment.
Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group is driven by the strength of its core businesses, as the net operating income reached USD 894 MM, recording solid growth of 9% after excluding the impact of FX devaluations.
Mr. Sabbagh stated that Arab Bank Group enjoys high liquidity. As of 30 September 2017, the Group’s loan-to-deposit ratio stood at 69.1%, while the capital adequacy ratio calculated in accordance with the new Basel III regulations reached 15.9%. He added that the asset quality remains high, and that credit provisions held against non-performing loans continue to exceed 100%.
Mr. Masri stated that the diversified business model and geographic profile of Arab Bank Group will continue to support its strong performance and leading position.
Arab Bank was named the “Best Bank in the Middle East” in 2017 for the second year consecutively by Global Finance magazine