Announcing the results for the three-month period ended March 31, 2024, Arab Bank Group said at constant currency, its loans grew by 7% to hit $37.1 billion, while the deposits soared to $49.8 billion, thus registering a 6% growth. 

 

The Bank maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.8%. It also boasts a strong capital base with a total equity of $11.3 billion.

 

On the solid performance, Sabih Masri, the Chairman of the Board of Directors, said Arab Bank’s first quarter 2024 performance was strong despite the challenging environment for banks globally and regionally. 

 

These results, he stated, reflected the bank’s resilience and ability to deliver sustainable growth from multiple markets mainly from the GCC region. 

 

Masri expressed his confidence in the bank’s ability to continue to grow based on its sound strategy, while maintaining the strength of its balance sheet.

 

CEO Randa Sadik pointed out that Arab Bank had delivered robust results during Q1, where its net operating profit grew by 10% driven by increase in core banking income across various sectors and markets, with a clear focus on enhancing non-interest income contribution and revenue diversification.

 

Sadik said the group’s liquidity and asset quality remain solid where loan-to-deposit ratio stood at 74.5% 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 17.8%, said Sadik.

 

She emphasized on the bank’s commitment towards innovation and digital transformation, highlighting the bank’s ongoing investment in technology and its strategic focus on customer-centric innovations offering seamless banking experiences to customers across various sectors.-TradeArabia News Service