Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Arab Bank Group first quarter profits grow by 5.2% to $ 231.8 million
 
Arab Bank Group first quarter profits grow by 5.2% to $ 231.8 million

Dubai, UAE, April 29, 2019:  Arab Bank Group announced its results for the first quarter of 2019 reporting 5.2% growth in net profit after tax of $231.8 million as compared to $220.3 million in 2018, with net income before tax increasing by 9.1% to reach $312.8 million. Group equity stood at $ 8.5 billion, while loans increased to reach $25.8 billion and deposits increased to $33.7 billion.

Mr. Sabih Masri, Chairman of the Board of Directors stated that the performance of Arab Bank Group confirms the success of the Group in generating strong results despite the backdrop of the challenging operating environment.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with first quarter results recording a healthy 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 7% as well as by lower provisions.

Mr. Sabbagh remarked that Arab Bank Group enjoys high liquidity and strong and robust capitalization. Group’s capital adequacy ratio stood at 15.5% as of 31 March 2019. He added that the asset quality of the Group remains high and that credit provisions held against non-performing loans continue to exceed 100%.
Mr. Masri expressed his confidence in the Group’s ability on delivering strong and sustainable results.

Arab Bank was named “Best Bank in the Middle East” for the 4th consecutive year by Global Finance, New York.


Posted by : Dubai PR Network Editorial Team
Viewed 4666 times
PR Category : Banking & Investments
Posted on : Monday, April 29, 2019  9:29:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : UAB reports Net Profit of AED22m for Q1 2019
Next Story : Emirates Islamic announces first 5 lucky Tesla winners of Ku...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Festival of Speed Celebrates Aston Martin's Racing History [11834-Views]
T-Race Cycling Tour de France The Watch for Fans of Le Tour [9199-Views]
Ink Your Lips This Summer With Artist Rouge Ink, Make Up for Ever's New Airlightlip Color [8638-Views]
Beauty On The Go with Amphis [6850-Views]
Ermanno Scervino, The Perfume [6045-Views]
Siemens to supply power equipment and services for 840 MW power plant in Iraq [5771-Views]
Faces launches Next Generation stores in Mall of the Emirates, Dubai and Riyadh Park, Saud... [5575-Views]
Computer & Power Technology Adds Cisco Collaborate Architecture Award to its List of Accol... [5411-Views]
Contract signed: BMW Group and Daimler AG launch long-term development cooperation for aut... [5350-Views]
Transform Your Bedroom and Sleep Like a King With Robinsons' Latest Bedlinen Collections F... [5222-Views]
Tonda 1950 Stone-set range' [5173-Views]
3 ways to give your hair the power of plants, with 3 new highly concentrated hair masks fr... [5161-Views]
Colourful Anniversary Limited anniversary edition now available in new colors [5026-Views]
The Network Gets Smarter, Simpler and More Secure with Artificial Intelligence and Machine... [4874-Views]
Dubai Customs discusses means of growth with members of Consultative Council [4788-Views]
Carrefour rewards environmentally-conscious customers on International Plastic Bag Free D... [4520-Views]
Salvatore Ferragamo Presents Minuetto [4392-Views]
Back to School with Marks & Spencer [4258-Views]
DP Haute Joaillerie thématique 2019 – Les Ciels de Chaumet [4026-Views]
Happy Eid with Corum Golden Bridge Round 39 [4026-Views]
Statement Handbags from GUESS [4002-Views]
Dubai-based Blue Ocean Group expands into UK distribution market ahead of Brexit [3843-Views]
Mouawad unveils the Mouawad Dragon Yellow and White Diamond Suite, featuring the largest r... [3715-Views]
GEMS Education students excel in IB exams [3654-Views]
The inauguration of codeshare flights between Kuwait and Istanbul-Sabiha Gökçen Airpo... [3483-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories