AMMAN —
Arab Bank Group reported net income after
tax of $182.4 million, compared to $152.1 million for the same period last
year, recording a growth of 20 percent, the group announced in a press
statement on Saturday.
اضافة اعلان
During the first quarter of 2021, Arab Bank consolidated the
financial statements of
Oman Arab Bank under its Group accounts, increasing
total assets by $8.2 billion, to reach $63 billion, compared to $51.6 billion
for the same period last year, according to the statement.
Oman Arab Bank has also recently finalized the acquisition
of Al-Izz Islamic Bank, a full-fledged Islamic bank, strengthening its presence
in the Sultanate of Oman.
Customer deposits grew by 28 percent to reach $46 billion,
while loans grew by 27 percent, to reach $33.8 billion. The consolidation of
Oman Arab Bank has materially increased customer deposits and loans by $7
billion and $7.2 billion, respectively, the bank reported.
Sabih Masri, chairman of the board of directors was quoted
as saying in the statement that that “the solid results demonstrate the
strength of the bank’s diversified business model and the bank’s resilient
performance in this challenging economic environment.”
For his part, the group’s CEO Nemeh Sabbagh said that
despite the negative economic consequences of the pandemic, “the bank's robust
performance confirms its effectiveness in operating in a challenging economic
environment as net operating income increased by 6 percent to reach $579.8
million.”
He added that the group enjoys high liquidity and a strong
capital base with a loan to deposit ratio of 73.5 percent, equity of $10.3
billion, and a capital adequacy ratio of 16.7 percent. Sabbagh also noted that
the group “continues to hold credit provisions against non-performing loans in
excess of 100 percent.”
Masri expressed his confidence in the group’s ability to
maintain its solid financial indicators. He also noted that the group “will
remain committed to sustainable community development, and to fostering the
interests of its customers, shareholders and communities.”
Meanwhile, the board has approved during its meeting on
Thursday the appointment of Mahmoud Malhas as board member and he was elected
as deputy chairman of the board.
During the same meeting, Sabbagh also informed the board of
his desire to retire at the end of the year, after 12 years as the bank’s CEO.
Sabbagh recommended to the board the appointment of Randa
Sadik, who has been holding the position of deputy CEO since 2010, as his
successor. The recommendation was welcomed by the board of directors, according
to the statement.
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