Arab Bank reports $220m in first quarter profits

Dubai: Arab Bank Group reported on Sunday $220 million (Dh808 million) in net profit in the first quarter of 2018, up from $218 million in the same quarter of 2017.

The bank’s loans and advances grew by 5 per cent to reach $25.5 billion, as customer deposits stood at $33.4 billion. Arab Bank said the performance comes amid a “backdrop of a challenging operating environment.”

Net interest income increased by 12 per cent in the first quarter, the bank said in a statement, as net operating income went up 15 per cent.