Arab Bank Group net profit up 5pc to $436m
AMMAN, July 28, 2018
Arab Bank Group has reported net income after tax for the six months period ended 30 June 2018 of $436 million compared to $415 million in prior period, recording a growth of 5 per cent.
The Group’s net income before tax grew by 6.4 per cent to reach $582 million with net operating income reaching $ 668.5 million and recording a solid double digit growth of 13 per cent.
Sabih Masri, the chairman of the Board of Directors stated that the solid performance of Arab Bank Group confirmed the success of the group in dealing with the challenging operating environment.
CEO Nemeh Sabbagh pointed out that the strong underlying performance of Arab Bank Group was reflected in the growth in net operating income achieved during the first half of the year and which was driven by core banking income generated from interest and fees coupled with effective cost management.
Net operating income grew by 13 per cent and net interest income went up by 12 per cent as a result of yield improvements and loan growth. Loans grew by 3 per cent to reach $25.5 billion while customer deposits reached $33 billion.
