Arab Bank Group profit rises by 7% in H1 2014

Dubai: Arab Bank Group net profit after tax and provisions during the first half of 2014 grew by 7 per cent to $414.9 million (Dh1.5 billion) from $387.3 million in the same period last year.

Loans and advances also increased by 4 per cent to reach $23.7 billion compared to $22.9 billion on June 30, 2013. Customer deposits grew by $1.7 billion to reach $34.4 billion compared to $32.7 billion for the same period last year, an increase of 5 per cent.

Commenting on the results, Sabih Masri, Arab Bank’s Chairman explained that these results reaffirm the bank’s ability to continue its positive performance through prudent management and the better utilisation of its resources.