Arab Bank Group H1 profits up 25% to $503m

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

Arab Bank Group reported solid results for the first half of 2024, with 25% increase in net income after tax reaching $503 million as compared to $401 m for the same period last year.

The Group maintained its strong capital base with a total equity of $11.5 billion. Group’s loans grew by 8% to reach $38.1 billion, and deposits grew by 6% to reach $50.5 billion.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that the solid financial performance underscores the successful execution of the bank’s prudent risk practices, diversified business model and its focus on core banking activities.

Ms. Randa Sadik, Chief Executive Officer, stated that the strong financial results reflect the bank’s robust assets base and strong capitalization.

Ms. Sadik highlighted that the bank’s net operating profit grew by 11% driven by core banking activities coupled with controlled operating expenses.

Ms. Sadik added that the bank’s balance sheet strength, solid capitalization, and high liquidity levels have well positioned the bank for sustainable growth.

The Group’s loan-to-deposit ratio stood at 75.4% and credit provisions held against non-performing loans continue to exceed 100%.

Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.5%.