Arab Bank Group profits grow 26% by Q3 2021

2. Arab Bank Handout from the Arab Bank
(Photo:Handout from the Arab Bank)
AMMAN — Arab Bank Group reported $271.7 million in net income after taxes during the first nine months of 2021, compared to $215.2 million for the same period last year, recording growth of 26 percent, according to a statement from the bank. اضافة اعلان

Arab Bank also consolidated the financial statements of Oman Arab Bank under its umbrella Group, increasing total assets by $8.4 billion to reach $63.7 billion compared to $52.5 billion for the same period last year.

Customer deposits grew by 24 percent to reach $46.6 billion, while loans grew by 28 percent, to reach $34.1 billion. The consolidation of Oman Arab Bank has materially increased customer deposits and loans by $7 billion and $7.5 billion, respectively.

Sabih Masri, chairman of the board of directors said that the solid results demonstrate the bank’s strategy to maintain sustainable growth despite a challenging environment and highlighted that the bank continues to focus on its digital transformation strategy.

Nemeh Sabbagh, CEO, commented on the bank’s performance in the statement, stressing the importance of net operating income increasing by 6 percent to reach $856.9 million during the pandemic. 

He added that the group has high liquidity and a strong capital base with a loan-to-deposit ratio of 73.1 percent, equity of $10.4 billion, and a capital adequacy ratio of 16.8 percent. The group continues to hold credit provisions against non-performing loans in excess of 100 percent.

Sabbagh also noted that the bank has launched “Reflect,” the first Neobank in Jordan, which provides a branchless experience to millennials and aims to facilitate their daily lifestyle activities through one banking app. 

In the statement, Masri highlighted the Arab Bank’s capacity to successfully overcome challenges and achieve strong results and stressed Arab Bank’s commitment to its customers and shareholders.

Read more Business