Jordan-based Arab Bank Group has reported a net income after tax of $271.7 million for the first nine months of the year when compared to $215.2 million last year, thus recording a growth of 26 per cent. 

 

Announcing the results for the period ending September 30, Arab Bank said its customer deposits grew by 24% to reach $46.6 billion, while loans grew by 28%, to reach $34.1 billion. 

 

Its consolidated the financial statements of Oman Arab Bank under its group accounts increasing total assets by $8.4 billion to reach $63.7 billion compared to $52.5 billion for the same period last year.

 

The consolidation of Oman Arab Bank has materially increased customer deposits and loans by $7 billion and $7.5 billion, respectively.

 

Chairman Sabih Masri said the solid results demonstrate the bank’s strategic directive to maintain sustainable growth despite the challenging environment and highlighted that the bank continued focus on its digital transformation strategy.

 

CEO Nemeh Sabbagh pointed out that the bank's robust performance confirms its effectiveness in operating in a challenging economic envronment with net operating income increasing by 6% to reach $856.9 million. 

 

The group enjoys high liquidity and a strong capital base with a loan to deposit ratio of 73.1%, equity of $10.4 billion, and a capital adequacy ratio of 16.8%. The group continues to hold credit provisions against non-performing loans in excess of 100%.

 

On its key achievements, Sabbagh said the bank had launched Reflect, the first Neobank in Jordan, which provides a branchless experience to millennials and facilitates their daily lifestyle activities from one banking app.-TradeArabia News Service