Dubai, UAE — Arab Bank Group has reported a net income of $216 million for the first quarter of 2023, a 30 percent increase over $166 million for the same period last year.
The Group’s total equity was $10.4 billion as loans grew to $35.4 billion and deposits reached $47.7 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 3 percent and 4 percent, respectively, the bank said in a statement.
Sabih Masri, Chairman of the Board of Directors, stated that Arab Bank’s first quarter 2023 performance was strong despite the challenging environment for banks globally and regionally.
He also added that the results reflect the bank’s resilience and ability to deliver sustainable growth.
Randa Sadik, Chief Executive Officer, said that the bank’s net operating profit grew by 50 percent, driven by the growth in revenues from its core banking business “as well as disciplined control of operating costs”.