Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business and Economy
Filter PR by
  
Arab Bank Group Reports Net Profits of $630 Million for the First Nine Months of 2023

Dubai, UAE, 29 October 2023: Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting net income after tax of $630.3 million compared to $405.8 million for the same period last year with an increase of 55%.


The Group maintained its strong capital base with a total equity of $10.8 billion. Loans grew to $36.3 billion and deposits reached $49 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 4% & 5%, respectively.
Mr. Sabih Masri, Chairman of the Board of Directors, stated that the results underscore the bank’s success in pursuing its growth strategy, despite the challenging environment. 


Ms. Randa Sadik, Chief Executive Officer, stated that the bank succeeded in delivering continued growth through its operating entities and across different segments. This is inline with the bank’s objective to achieve sustainable results across all business lines. Ms. Sadik added that the Group continues to benefit from the diversified business model and its prudent risk strategy with key indicators remaining strong where loan-to-deposit ratio stood at 74%, and credit provisions held against non-performing loans continue to exceed 100%, and capital adequacy ratio of 16.9%.


It is worth noting that Arab Bank announced recently the successful issuance of its $250 million in Additional Tier 1 (AT1) Capital Securities with a fixed coupon of 8%. The issuance was through a private placement and was listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange. The bond’s proceeds will be used to finance a portfolio of qualified sustainable projects.

 


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 12304 times
PR Category : Business and Economy
Posted on : Saturday, April 27, 2024  12:00:00 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 : Mashreq's Net Profit surges 122% to AED 5.8 Billion in the F...
Next Story : Ghitha's Q3 Earnings Ignite with AED 3.3B in Revenue
Email this article Print this article

Share this article with your friends and followers
NewsVine
 
 
Most Viewed Press Release posted in the last 7 days
CASIO celebrates 50-year-long watchmaking heritage with exclusive anniversary collection [32300-Views]
SHOOTING ON WFP CONVOY IN GAZA [23657-Views]
Benefit Cosmetics is revealing its New Brow product: Mighty Fine Brow Pen [16753-Views]
Mesmerizing Shows and Cash Prizes at Mercato During Dubai Shopping Festival [14862-Views]
Etihad opens dedicated u.s. preclearance lounge at zayed international airport [14313-Views]
Emirates College for Advanced Education enhances efforts to empower educators to shape the... [14272-Views]
Abu Dhabi Stem Cells Center Achieves UAE's First Testicular Cryopreservation for Young Pat... [13202-Views]
Abu Dhabi Stem Cells Center Performs Testicular Cryopreservation for 4 Young Boys Prior to... [12066-Views]
Space42's Thuraya 4 Satellite Successfully Launched Into Orbit [10767-Views]
E& Motb: Dubai's Ultimate Outdoor Experience Is Back, Bigger, And Bolder Than Ever For Its... [9955-Views]
International Defence Conference 2025 to Kick Off on 16 February Alongside IDEX and NAVDEX [9561-Views]
Maserati celebrates 110 years of Italian Luxury all over the world [9229-Views]
His Excellency Sheikh Nahayan bin Mabarak Al Nahyan honors winner of Longines Grand Prix t... [9176-Views]
To empower parents to foster positive family environment FDF implements programs and serv... [7679-Views]
Under the patronage of the UAE President, Abu Dhabi Sustainability Week 2025 (ADSW 2025) t... [7610-Views]
e& sets new Guinness World Record for flying the largest banner in a skydiving freefall [7536-Views]
Ministry of Economy launches ‘Patent Hive' initiative to support inventors in patent regis... [7528-Views]
du announces Diamond Sponsorship of GDRFA's New Year initiative [6134-Views]
DIRTOPIA, the ultimate dirt challenge for mountain bikers and trail runners lands in Dubai [5834-Views]
Dubai Art Season 2025 Returns With Exciting Creative Experiences [5736-Views]
DAE Announces Full Year 2024 Business and Operational Highlights DAE Capital acquired 83 a... [5724-Views]
Hamdan Bin Rashid Al Maktoum Foundation Announces Innovators 2024 Competition Results [5719-Views]
DCT Abu Dhabi and Mubadala foundation launch house of artisans design competition [5715-Views]
The Emirates A350 officially takes flight to its first destination, Edinburgh [5637-Views]
UAE advances tech cooperation with US partners at CES 2025 [5432-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Back to Section Home

Related Stories

 
Top Sections
 
Top Stories