Arab Bank profits increase by 7%

Amman – Tomorrow– The Arab Bank group recorded a 7% growth in profits in the nine months of the current year, while the Group's net profit after taxes and provisions was $ 643 million compared to 601 million dollars in the same period last year.
The pre-tax profit was $ 865 million, a growth rate of 8%, improving the Bank's ability to achieve optimal performance, continue profitability and improve its financial position, total assets reached $ 8.3 billion at the end of September 2018.
Operating income grew 9% to $ 988 million, credit lines to $ 25.4 billion and customer deposits to $ 33.2 billion at September 30, 2018.
Commenting on the Bank's positive results, Sobeih Al Masri, Chairman of the Board, praised the good performance of the Arab Bank Group in achieving the best results and the Bank's ability to continue its positive performance in a clear indication of the strength and effectiveness of the Group. effectiveness of the Bank's business model. Challenges that surround.
Al Masri said that the Bank's solidity and firmness allowed it to benefit from regional opportunities to achieve important results and stated that the Bank is committed to respecting the highest standards of banking and financial services and will continue to strengthen its points. of strength to achieve the best results and advance towards further progress and successes. The Group's financial position reinforces the trust of customers and shareholders.
Nima Sabbagh, Managing Director of Arab Bank, said: "The bank was able to grow by 9% to reach $ 988 million in net operating profits thanks to the efficient hiring and diversification of its banking products and services as well as the 39. efficiency of operating expenses The net interest of the main banking activities increased by 11% thanks to the improvement in yields and the good management of the costs of the sources of funds.
Sabbagh said that the Bank's main revenues are geographically diversified between Jordan, the Gulf region and North Africa. , As well as the presence of the bank in foreign countries, which strengthened the integration of the Bank with the Arab world.
He noted that the bank obtained the necessary regulatory approvals in China to open its branch office in Shanghai at the beginning of next year to finance the growing commercial operations between China and the Arab world.
Sabbagh added that the profits made by the end of the last few years have been influenced by the extraordinary allocations relating to the case against him in New York, which ended in his favor, stating that there will be no judicial assignments in the fourth quarter of this year. 39; year and that the bank is at a step Further sustainable growth
The bank maintained its high liquidity ratio with a 77% loan / deposit ratio, as well as maintaining liquidity ratios higher than the coefficients approved in accordance with the Basel III directives. The Bank maintains a solid capital base, with a capital adequacy ratio of 15.9% according to the Basel III guidelines.

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