Dubai–Arab Bank Group reported an increase of 49 percent in net income after tax to $405.8 million in the first nine months of 2022, compared to $271.7 million for the same period last year.
In a statement, the Group said its core banking activities kept up the momentum in most areas of operations delivering solid underlying growth in loans and deposits.
At the end of September 2022, loans were up by 4 percent from September 2021 level to reach $35.6 billion, while deposits reached $47.8 billion, up by 3 percent from the 2021 level.
Sabih Masri, Chairman of the Board of Directors, said the “strong performance shows the growth potential and resilience that diversification brings to the Bank despite the challenging economic environment”.
Randa Sadik, Chief Executive Officer, said the net operating income across the bank’s lines of business grew by 13 percent.