The Arab Bank Group closed 2021 reporting net income after tax of $314.5 million as compared to $195.3 million in 2020, it has said in a statement.
This was a growth of 61 percent, said the statement, adding that the group’s equity grew to $10.3 billion.
The Board of Directors has reportedly recommended to the shareholders the distribution of 20 percent cash dividends for the financial year 2021.
Arab Bank consolidated the financial statements of Oman Arab Bank under its group accounts, increasing total assets by $8.4 billion to reach $63.8 billion, compared to $54.4 billion for the same period last year.
Customer deposits grew by 22 percent to reach $47.1 billion, while loans grew by 30 percent, to reach $34.6 billion.
The consolidation of Oman Arab Bank has materially increased customer deposits and loans by $7.3 billion and $7.5 billion, respectively.
Sabih Masri, Chairman of the Board of Directors, stated that the underlying performance reflects its strategic directive in dealing with the challenging and changing operating environment and its prudent operating policies of maintaining strong liquidity and healthy capital positions.
Nemeh Sabbagh, Chief Executive Officer, commented that the year 2021 showed a partial recovery of the economic environment which the bank benefited from and recorded a growth in net interest and commission income by 15 percent with net operating income increasing by 8 percent to reach $1,108 Million.
He added that the group enjoys high liquidity and a strong capital base with a loan to deposit ratio of 73.4 percent and a capital adequacy ratio of 16.5 percent.
The group continues to hold credit provisions against non-performing loans in excess of 100 percent.