You are here
Arab Bank Group reports first quarter 2018 profit of $220.3m
By JT - Apr 28,2018 - Last updated at Apr 28,2018
AMMAN — Arab Bank Group reported $220.3 million in net profit after tax for the first quarter of 2018.
Its net operating income before provisions and taxes reached $335 million, recording a double digit growth of 15 per cent, according to a statement of the Arab Bank Group.
Loans and advances grew by 5 per cent to reach $25.5 billion, while customer deposits stood at $33.4 billion.
Sabih Masri, chairman of the Board of Directors said the performance of the Arab Bank attests to the success of the Group in generating strong results despite a challenging operating environment.
Nemeh Sabbagh, chief executive officer, stated that the group continues with its growth with first quarter results recording a solid 15 per cent increase in net operating income.
The strong performance was driven by growth in core banking income with net interest income increasing by 12 per cent, he added, according to the group’s statement.
The Arab Bank Group enjoys high liquidity and strong and robust capitalisation as its capital adequacy ratio stood at 15.1 per cent as of 31 March 2018, he elaborated.
Related Articles
AMMAN — The Arab Bank Group said its net profit after tax for the first quarter of 2019 grew by 5.2 per cent as it reached $231.8 million, c
AMMAN — Arab Bank Group said its net income after tax for the first half of 2018 was $436 million compared to $415 million in prior period,
AMMAN — The Arab Bank Group announced its results for the first half of 2019, reporting a growth of 4 per cent with its net profit after tax