Abdel Hamid Shoman, Chairman of Arab Bank
Arab Bank profits for the period ending September 2011 increased by 12% to reach USD 428.7 million compared to USD 382.7 million for the same period in 2010. Profit growth at Arab Bank has maintained its positive momentum in 2011 despite the prevailing conditions in the region and the turbulent global economic environment.
Mr. Abdel Hamid Shoman, Chairman of Arab Bank, commented that the increase in profits came as a result of the continued growth in core banking income, the diversified geographical spread of the bank and prudent risk policies.
Arab Bank’s CEO, Mr. Nemeh Sabbagh, also commented on the bank’s results saying that in addition to growing its profits, the Bank was able to enhance its capital adequacy ratio and improve the quality of its asset base. He added that the Bank continues to maintain strong liquidity which is a hallmark of the group as a whole.
Total Assets at the end of September stood at USD 45 billion and Shareholder Equity reached USD 7.9 billion. The coverage ratio of provisions to non-performing loans improved from 69% in December 2010 to 82%, excluding tangible collateral.
Mr. Shoman concluded by remarking that the bank’s results are a reflection of the confidence that clients have placed in Arab Bank and of the leading role the bank plays in the region.