Media ININ Economy We Trust
31-03-2019 Media in\ Dubai
Arab Bank Group posted net profit after taxes and provisions of US $ 820.5 million at the end of 2018 compared to US $ 533 million at the end of 2017, while pre-tax profit was US $ 1.1 billion.
The Ordinary General Assembly of the shareholders of Arab Bank – at its meeting recently chaired by Mr. Sabih Al Masri, Chairman of the Board of Directors and in the presence of the Board of Directors, Mr. Nima Sabbagh, the General Manager of the Arab Bank, and Shareholders holding the shares of Asala and Agency, constitute 83.38% of the capital. A cash dividend of 45 per cent over 2018.
Al-Sabbagh reviewed the financial results of the bank and said that the Group was able to strengthen its capital base to reach US $ 8.7 billion in December 2018. The capital adequacy ratio rose to 15.6 percent and the return on equity increased to 9.5 percent.
The Group achieved a net operating profit growth of 8 per cent due to the growth in net interest and commissions from major banking businesses, with net interest growth at 9 per cent, while the Group grew by 3 per cent to 25.8 billion Compared to $ 25.1 billion at 31 December 2017, while customer deposits rose to $ 34.3 billion.
Sabbagh added that these positive results are driven by the remarkable growth that the Bank continued to achieve in its operating income from various sectors and its main business markets. Net operating profit grew well due to the growth of net interest and commissions due to continuous and successful efforts to increase lending levels. Liquidity management and sources of financing and its ability to benefit from its spread in many markets.
According to Al-Sabbagh, the Bank managed to maintain the stability of its operational costs. The efficiency / expenses ratio reached 40%, in addition to maintaining the integrity of its credit portfolio and the quality of its assets.
