Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business and Economy
Filter PR by
  
Arab Bank Group Profits Grow By 25% To $ 503Million For The First Half Of 2024

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 million for the same period last year. The Group maintained its strong capital base with a total equity of $11.5 billion.

Assets grew by 5% reaching $68.7 billion and at constant currency, the 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 during the first six months underscores the successful execution of the bank’s prudent risk practices, diversified business model and its focus on core banking activities. Mr. Masri emphasized on the Group’s ability to continue achieving robust performance which reinforces its leading position in the market.

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. The bank continues to implement its digital strategy, expanding the offering of innovative digital solutions across the bank’s various business segments.

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%.

Arab Bank has recently received the “Best Bank in the Middle East 2024” award from New York-based international publication “Global Finance”, for the ninth consecutive year.


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 11496 times
PR Category : Business and Economy
Posted on : Saturday, January 25, 2025  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 : Union Coop Manages 161K+ Digital Orders in the First Half of...
Next Story : LG Releases Second-Quarter 2024 Financial Results
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
Benefit Cosmetics unveils its new mascara innovation: BADgal Bounce Mascara! [70012-Views]
Layla Al Hajjaj: Saudi Trailblazer in Entrepreneurship and Beauty Innovation [69270-Views]
Introducing the pinnacle of craftsmanship and innovation: MRG-B2000JS and MTG-B2000YST [68396-Views]
Global Air Cargo Demand Achieves Record Growth in 2024 [56465-Views]
Global Air Passenger Demand Reaches Record High in 2024 [52013-Views]
Luxury vegan silk loungewear brand, niLuu, expands in the Middle East with a second outlet... [49200-Views]
IATA Releases Updated 2025 Manuals Reflecting Latest Industry Standards [25576-Views]
Emirates Park Zoo & Resort eliminates 51,000 Kg of carbon emissions through Sparklo's inno... [19750-Views]
The "UAE - Kuwait Week" will officially begin next Monday in Dubai [19401-Views]
ADCB aims to double net profit to AED 20bn within five years through a new strategy in lin... [15432-Views]
Bollywood Stars to Blaze the Track at Dubai Autodrome for ‘DSBK Middle East Championship' [14780-Views]
7th International Rain Enhancement Forum Wraps Up Successful Seventh Edition [12870-Views]
Fueled by global success OMODA & JAECOO set to accelerate into UAE Market with immersive... [11845-Views]
Formula e presents ‘evo sessions': the ultimate motorsport experience for 11 of the world... [11591-Views]
Falcon Group's precision engineering powers UAE's most advanced satellite, MBZ-SAT [10758-Views]
AQMC and Leading Hospitality Services (LHS) Sign Landmark Strategic Agreement [10644-Views]
Panasonic reaffirms commitment to Nigeria, outlines vision for stronger market dominance [10639-Views]
Day Two of 7th IREF Highlights Innovations in Autonomous Aerial Systems, Cloud Seeding Mat... [10467-Views]
EDGE to Collaborate with Hungarian Ministry of Defence on Innovation Programmes [10398-Views]
SWAAC ELSO 2025: A global event in Abu Dhabi to discuss pioneering life-saving therapy for... [9942-Views]
Statement by His Excellency Dr. Abdullah Humaid Al Jarwan, Chairman of the Abu Dhabi Depar... [9709-Views]
Celebrate Chinese New Year at Reem Mall with Free Activities & Exclusive Offers [9701-Views]
Malabar Gold & Diamonds Launches ‘Heart to Heart' Jewellery Collection to Celebrate the Se... [9619-Views]
Strategic cooperation between Abu Dhabi Exports Office and Strata to enhance global compet... [9393-Views]
NTT DATA to showcase cutting-edge technologies at LEAP 2025 [8852-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Back to Section Home

Related Stories

 
Top Sections
 
Top Stories