Arab Bank posts $422.9M profit in first half of 2015

Published July 13th, 2015 - 07:44 GMT

Arab Bank Group achieved net profits worth $422.9m in the first half of the year, marking a growth of 2% compared to $414.9m in the same period last year. Net profits before taxes reached $559.7m.

Loans and advances grew to reach $24.1bn, compared to $23.7bn on 30 June 2014. Customer deposits also increased to reach $34.8bn in June 2015, compared to $34.4bn at the end of June 2014. Excluding the effect of exchange rate devaluations, loans and customer deposits increased by 5% and 4%, respectively.

Arab Bank Chairman, Sabih Masri, stated that the bank’s positive financial performance during the first half affirms the bank’s progress in implementing its successful strategy and its continuation to achieve strong performance despite all challenges in the region. These results confirm the successful external strategy of the bank, represented in the banking markets in the Gulf, which is one of the bank’s pillars, due to the promising opportunities they bring.

Nemeh Sabbagh, Arab Bank’s CEO, said that the net operating income grew by 4% to reach $590.8m, thanks to the bank’s focus on its core banking activities, as well as its efficient asset allocation.

Sabbagh added that the bank continues to maintain comfortable liquidity ratios as a strategic goal, with a loan-to-deposit ratio of 62.5%, as well as maintaining a capital adequacy ratio of 14.3%.

Masri concluded that the Arab Bank is consistently utilising the strength of its branch network to provide the best banking services to its customers, which will enable the bank to continue to achieve further success and to maintain sustainable growth.

The Arab Bank received the award for Best Bank in Jordan from Euromoney and The Banker Middle East, in addition to Best Trade Finance Bank in the Middle East award for the year 2015 by the New York-based Global Finance magazine.

© 2021 Daily News Egypt.

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