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Arab Bank Group profit grows by 4 per cent in nine months

Arab Bank Group profit grows by 4 per cent in nine months

AMMAN — Arab Bank Group posted $668.9 million in net income after tax for the first nine months of 2019 compared to $643.2 million in the same period last year, recording a 4 per cent increase, according to a statement of the group.

Its net income before tax grew by 6 per cent to $912 million with its net operating income reaching $1,040 million and recording a 5 per cent growth, according to the statement.

Sabih Masri, chairman of the Board of Directors said the strong operating performance of the Arab Bank Group attests to its strength, locally and abroad with its wide geographical diversification.

The Arab Bank has recently opened a new branch in Shanghai to strengthen its footprint in the Chinese market within its global network which includes about 600 branches across five continents, he added.

Nemeh Sabbagh, chief executive officer, explained that the underlying performance of the group has helped it to maintain its growth, leading to sound results.

Strong performance was driven by growth in core banking income with net interest income increasing by 5 per cent. Total loans increased by 3 per cent to reach $26.1, and deposits increased by 4 per cent to reach $34.7 billion, he said, according to the statement.