Friday, April 19, 2024

Arab Bank Group’s profit rose 30% to $216 million in the first quarter of 2023.

Date:

Arab Banking Group reported strong results for the first quarter of 2023 30$ % increase in after-tax net income216 That compares to $166 million in the same period last year.

The Group maintains its strong capital base with total capital of US$10.4 A billion. Loans were $35.4 billion and deposits were $47.7 billion. Excluding the impact of depreciation of multiple currencies against the US dollar, loans and deposits increased by 3% & 4%, respectively.

Chairman of the Board of Directors Sobeih Al-Masry said Arab Bank’s performance in the first quarter of 2023 was strong despite a difficult environment for banks at global and regional levels. He added that the results reflect the bank’s flexibility and its ability to achieve sustainable growth. Mr. Al-Masri said the bank is committed to meeting the changing needs of customers and continuing to invest in innovation and digital transformation.

Managing Director Ms. Randa Sadek said Arab Bank continues to achieve sustainable growth rates in 2023 despite high inflation and high interest rates. Ms. Sadiq said the bank’s net operating profit increased by 50% on the back of revenue growth in its core banking business and regulatory control over operating costs. Increasing economic growth. Doubt. It is seen both globally and regionally.

Ms Sadek added that the group’s liquidity and asset quality remain strong with loan-to-deposit ratio. 74.1Loan provisions on non-performing loans exceed 100%. Arab Bank Group maintains a strong capital base, consisting mainly of ordinary shares with a capital adequacy ratio. 16.8%

Ms Sadek highlighted Arab Bank’s commitment to innovation and digital transformation by expanding digital banking services and solutions in line with the latest trends and developments. He also pointed out that the bank offers initiatives to entrepreneurs in the fintech sector to pitch their ideas to develop innovative fintech solutions and products.

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-I finish-

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

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