Arab Bank Group profits grew by 38 percent to $252 million for the first half of 2022.
The Group reported a net income after tax for the first half of 2022 of $252 million as compared to $182.4 million for the same period last year, recording an increase of 38 percent, it said in a statement.
The Group loan portfolio grew by 6 percent to reach $35.7 billion as of June 30, 2022 compared to $33.8 billion for the same period last year, while customer deposits grew by 2 percent to reach $47.1 billion compared to $46 billion for the same period last year.
The Group maintained its strong capital base with a total equity of $10.2 billion.
Sabih Masri, Chairman of the Board of Directors, said the performance in the first half of the year reflects the Group’s prudent operating policies and strong financial position, despite challenging economic environment.
Randa Sadik, Chief Executive Officer, the net operating income grew by six percent, driven by improvement in both net interest income and commission income by 4 percent and 17 percent, respectively.
Sadik also added that the Group’s liquidity remains strong where loan-to-deposit ratio stood at 75.9 percent and asset quality remains high with credit provisions held against non-performing loans continue to exceed 100 percent.
