DUBAI, UAE – Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting net income after tax of $630.3 million compared to $405.8 million for the same period last year with an increase of 55 percent.
The Group maintained its strong capital base with a total equity of $10.8 billion.
Loans grew to $36.3 billion and deposits reached $49 billion.
Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 4 percent & 5 percent respectively.
Chairman of the Board of Directors Sabih Masri said that the results underscore the bank’s success in pursuing its growth strategy, despite the challenging environment.
Chief Executive Officer Randa Sadik said the bank succeeded in delivering continued growth through its operating entities and across different segments.
This is in line with the bank’s objective to achieve sustainable results across all business lines.
She said the Group continues to benefit from the diversified business model and its prudent risk strategy with key indicators remaining strong where loan-to-deposit ratio stood at 74 percent.
The bank announced recently the successful issuance of its $250 million in Additional Tier 1 (AT1) Capital Securities with a fixed coupon of 8 percent.
