Arab Bank Group reports 61% growth in net profit

AMMAN — Arab Bank Group ended 2021 reporting a total net income after tax of $314.5 million compared to $195.3 million in 2020, recording 61 per cent growth, according to a statement of the Arab Bank Group.

Its equity grew to reach $10.3 billion, said the statement.

The Board of Directors recommended the distribution of 20 per cent in cash dividends to shareholders for the financial year 2021, according to the statement.

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 per cent to $47.1 billion, while loans grew by 30 per cent to $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.

In the statement, Sabih Masri, chairman of the Board of Directors said 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".