Dubai, UAE: Arab Bank Group reported a 52 percent increase in net income to $829.6 million for the year ending Dec 31, 2023 as compared to $544.3 million in 2022.
The Group said in a statement that the performance was driven by sustainable growth in the underlying business across different markets, as net profit before provisions and tax improved by 34 percent to reach $1.81 billion.
Total Assets grew by 6 percent to reach $68.3 billion, loans grew by 5 percent to reach $37.1 billion, and deposits grew by 6 percent to reach $50.6 billion. While total Group equity stood at $11.4 billion.
In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30 percent cash dividends for the financial year 2023.
Sabih Masri, Chairman of Arab Bank, commented that the bank’s strong underlying performance reflects the successful execution of its strategy which focuses on delivering sustainable growth and building a resilient business model capable of generating positive results, while dealing with the regional and international challenges.
