Arab Bank Group reported net profit after tax and provisions for the nine months period ending September 30 of $614.2 million, up by 10 per cent from $559.1 million in the same period last year.

Sabih Masri, Arab Bank’s chairman said that these results reflect the bank’s solid business strategy and commitment to grow its business prudently. He also stated that the capital base continues to strengthen with total shareholders’ equity reaching $8 billion as of September 30.

The bank registered an increase in loans and advances vs. September 2013 of 2.2 per cent to reach $23.7 billion and customer deposits grew by $1.1 billion to reach $34.1 billion, an increase of 3.5 per cent.

Nemeh Sabbagh, Arab Bank’s CEO added that Arab Bank succeeded in delivering continued growth benefiting from its diversified business model, an increase in market share in key markets, and prudent risk strategy.

The bank’s liquidity continues to be strong as the loan-to-deposit ratio stood at 63.1 per cent, Sabbagh noted.

As for the lawsuit filed against the bank in New York, the bank is confident of the soundness and strength of its legal position in the appeal stage, a statement said.

It has started the preliminary actions for the submission of the appeal which is expected to take over a year. In this regard, the bank has taken the appropriate measures to deal with the situation, according to the statement.

Masri expressed his full confidence in the bank’s ability to maintain sustainable growth in profits and a strong level of capital adequacy.

Arab Bank was recently named Best Bank in the Middle East by Global Finance Magazine. – TradeArabia News Service