Arab bank group reports net profit of $748.6 million for the first nine months of 2024
Arab Bank Group continues to deliver strong financial performance, reporting net income after tax of $748.6 million in the first nine months of this year compared to $630.3 million for the same period last year, with an increase of 19%.
The Group’s assets grew by 6% reaching $70.5 billion. At constant currency loans grew by 8% to reach $38.3 billion, while deposits grew by 7% to reach $51.9 billion. The Group maintained its solid capital base with a total equity of $11.9 billion.
Mr. Sabih Masri, Chairman of the Board of Directors, stated that the results reflect the successful and consistent execution of the Group’s growth strategy and its prudent approach towards managing risks, liquidity and capital to ensure achieving growth objectives despite challenging market environment.
Ms. Randa Sadik, Chief Executive Officer, stated that the Group continues to achieve growth milestones across different segments. Ms. Sadik highlighted that the bank’s net operating income grew by 12% driven by diversified core banking activities, and improvement of operating efficiency.
Ms. Sadik added that the Group’s performance in the first nine months of this year reflect its business model resilience to challenging market conditions with loan-to-deposit ratio at 73.9%, and credit provisions against non-performing loans above 100%, and capital adequacy ratio of 17.7%.
Ms. Sadik emphasized the Group’s focus on digital transformation as a fundamental pillar of its innovation-based strategy; providing digital financial solutions across all channels to enrich customers’ experience.
Arab Bank was named “Best Bank in the Middle East 2024” by Global Finance for the ninth consecutive year.
Home >> Local News and Government Section
Arab bank group reports net profit of $748.6 million for the first nine months o ...
RTA Completes Major Traffic Enhancements in Oud Metha, Cutting Journey Time by 4 ...
Stellantis Reports Lower Q3 2024 Net Revenues Amid Transitional Period of Produ ...
MoHAP launches National Supplementary Measles Immunization Campaign 2024 in Coop ...
An epic outdoor adventure awaits this weekend: Dubai Fitness Challenge to hit H ...
The 9th Turkish Airlines World Golf Cup, world's most prominent corporate golf t ...
The Festival Of Lights Dazzles Dubai With Its First Week Of Spectacular Citywide ...
Dubai Humanitarian and University of Birmingham Dubai Forge Partnership to Innov ...
Under the patronage of His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahya ...
Emirates ramps up operations in Africa to serve growing demand
Reach for the Stars: Titan Watches Unveils the Alluring Stellar 2.0 Collection!
Cigna International Health Study: UAE Maintains High Vitality Score of 72.5, Des ...
Lg releases third-quarter 2024 financial results
DAE Announces Financial Results for the Nine Months Ended September 30, 2024
Alef Education Maintains Impressive Growth Momentum in Q3, Recording Revenues of ...
e& announces Q3 2024 earnings with consolidated revenue growth of 10% to AED 14. ...
Hotpack Global conducts Breast Cancer Awareness session
Passengers Want Convenience and Technology to Improve Processes, Regional Prefer ...
DSBK Racing Launches the 2024-2025 Middle East Championship at Dubai Autodrome, ...
SITA and AACO advance on collaboration to tackle aviation's toughest sustainabil ...