Arab Bank Group announced its results for the first quarter of 2018 reporting a net profit after tax of $220.3 million (Dh808.5 million) as compared to $218.2 million in 2017, with net operating income before provisions and taxes reaching $335 million and recording a double digit growth of 15 per cent. Loans and advances grew by 5 per cent to reach $25.5 billion, whilst customer deposits stood at $33.4 billion.
Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with first quarter results recording a solid 15 per cent increase in net operating income. He added that the strong performance was driven by growth in core banking income with net interest income increasing by 12 per cent.
Sabbagh remarked that Arab Bank Group enjoys high liquidity and strong and robust capitalisation. Group’s capital adequacy ratio stood at 15.1 per cent as of 31 March 2018. He added that the asset quality of the Group remains high and that credit provisions held against non-performing loans continue to exceed 100 per cent.
