Thursday, June 20, 2024

$630 million in Arab Bank profit at the end of the third quarter

Date:

Arab Bank Group continued to achieve strong results at the end of the third quarter of 2023, driven by steady growth in core banking businesses across several regions where the group operates, with net profit after tax reaching $630.3 million compared to the previous quarter. It has grown to $405.8 million on September 30, 2022..

The total portfolio of credit facilities at the end of the third quarter of 2023 was $36.3 billion, compared to $35.6 billion in the third quarter of the prior year, and customer deposits were $49 billion at the end of the third quarter. 2023, the facilities portfolio and customer deposits increased 4% and 5%, respectively, compared to $47.8 billion in the third quarter of the prior year, excluding the impact of the change in the exchange rates of several currencies against the US dollar..

Subih Al-Masri, Chairman of the Board of Directors, said: “The results achieved by the Bank at the end of the third quarter of 2023 reflect the success of the Bank’s strategy and prudent approach to managing liquidity, capital and risks. He is confident in the bank’s ability to continue to achieve sustainable growth in light of the events the region is witnessing.».

For her part, Arab Bank Executive General Manager Randa Al-Sadiq explained that the Arab Bank Group has achieved good operational performance consistent with its strategy based on diversifying sources of income across the regions and areas in which it operates. Various business sectors focus on improving its efficiency. Al-Sadiq pointed out that the group maintains a high level of liquidity as the loans to deposits ratio reached 74%. Prudent policies adopted by the Group as it maintained a coverage ratio of non-performing loans above 100%. Al-Sadiq noted that the group maintains a strong capital base as the capital adequacy ratio reached around 16.9% as per Basel III guidelines, most of which is within core capital, which is above the minimum required level. Central Bank of Jordan..

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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