Arab Bank posts $600.8 million in net income

AMMAN — Arab Bank Group posted $600.8 million in net income after provisions and tax for the first nine months of 2017 compared to $617.9 million in the same period last year, according to a statement from the Arab bank.  

The bank has continued with solid financial performance which reflects its commitment to grow while maintaining a strong and healthy capital base, the statement said.

Sabih Masri, chairman of the group’s board of directors said the group’s financial performance confirms its success in dealing with a challenging operating environment.

 Shareholders’ equity reached $8.5 billion while customer deposits stood at $33.6 billion, according to the statement.

Nemeh Sabbagh, the group’s CEO, attributed the group’s positive results to the strength of its core businesses as its net operating income reached $894 million.

As of 30 September 2017, the group’s loan-to-deposit ratio stood at 69.1 per cent, while its capital adequacy ratio computed in accordance with the new Basel III regulations reached 15.9 per cent, Sabbagh said in the statement. 

Arab Bank was named the “Best Bank in the Middle East” in 2017 for the second year, consecutively, by Global Finance magazine.