A Phenomenal Growth

by BTM

Sun, 28 November 2021

Bahrain Business News Arab Bank Group A Phenomenal Growth

Arab Bank Group reported a net income after tax of USD271.7 million as compared to USD215.2 million for the same period last year, recording a growth of 26pc. Arab Bank consolidated the financial statements of Oman Arab Bank under its Group accounts increasing total assets by USD8.4 billion to reach USD63.7 billion compared to USD52.5 billion for the same period last year.

Customer deposits grew by 24pc to reach USD46.6 billion, while loans grew by 28pc, to reach USD34.1 billion. The consolidation of Oman Arab Bank has materially increased customer deposits and loans by USD7 billion and USD7.5 billion, respectively.

Chairman of the Board of Directors of Arab Bank, Sabih Masri, remarked that the solid results demonstrate the bank’s strategic directive to maintain sustainable growth despite the challenging environment.

Arab Bank Chief Executive Officer, Nemeh Sabbagh said: “The Bank’s robust performance confirms its effectiveness in operating in a challenging economic environment with net operating income increasing by 6pc to reach USD856.9 million. The Group enjoys high liquidity and a strong capital base with a loan to deposit ratio of 73.1pc equity of USD10.4 billion, and a capital adequacy ratio of 16.8pc.”