November 1, 2022 banking

Arab Bank’s profit for first 9 months up nearly 50% on higher interest, loans


Arab Bank Group’s profits have jumped by nearly 50% on the back of higher interest and commission income, as well as loans and deposits.

The bank’s net income after tax reached $405.8 million for the first nine months of the year, up by 49% from the $271.7 million recorded in the same period last year.

In a statement on Monday, Arab Bank Group said its core banking activities managed to keep up the momentum and delivered “solid underlying growth in loans and deposits”.

At the end of September 2022, the bank recorded a total of $35.6 billion in loans and $47.8 billion in deposits, up by 4% and 3%, respectively, compared to a year ago.

Net operating income across the bank’s lines of business grew by 13%, driven primarily by the increase in total net interest and commission income, as well as controlled operating expenses.

The loan-to-deposit ratio stood at 74.3%, while credit provisions held against non-performing loans exceeded 100%.

zawya



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