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Arab Bank Group posts net profit of $217.2m

MANAMA, April 23, 2015

Arab Bank Group has reported net profit after tax and provisions of $217.2 million for the first quarter as against $216.3 million in the previous year.

Loans and advances increased by three per cent to $23.7 billion, compared with the same period last year, said a report in the Gulf Daily News (GDN), our sister publication.

Customer deposits reached $34.7 billion.

Adjusting for the impact of exchange rates, loans and customer deposits grew by 6.3 per cent and 4.4 per cent respectively.

Arab Bank chairman Sabih Masri said the results reflected commitment to maintaining the quality of loan portfolio and strengthening its capital position.

The bank's capital adequacy ratio stood at 14.6 per cent.

Arab Bank's chief executive Nemeh Sabbagh said excluding the effect of exchange rate devaluations, the bank's net operating profit grew by four per cent compared with the same period last year.

The bank said it improved asset quality with the ratio of non-performing loans to net loans going down to 4.9 per cent at the end of March, compared with 5.6 per cent last year.

Operating expenses were maintained at the same level.

Liquidity continued to be robust with a loan-to-deposit ratio of 68.4 per cent. - TradeArabia News Service
 




Tags: profit | Bank | arab | Net | group |

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