ARAB BANK GROUP REPORTS NET PROFITS OF $630 MILLION FOR THE FIRST NINE MONTHS OF 2023
Dubai, UAE, 29 October 2023: Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting net income after tax of $630.3 million compared to $405.8 million for the same period last year with an increase of 55%.
The Group maintained its strong capital base with a total equity of $10.8 billion. Loans grew to $36.3 billion and deposits reached $49 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 4% & 5%, respectively.
Mr. Sabih Masri, Chairman of the Board of Directors, stated that the results underscore the bank's success in pursuing its growth strategy, despite the challenging environment.
Ms. Randa Sadik, Chief Executive Officer, stated that the bank succeeded in delivering continued growth through its operating entities and across different segments. This is inline with the bank's objective to achieve sustainable results across all business lines. Ms. Sadik added that the Group continues to benefit from the diversified business model and its prudent risk strategy with key indicators remaining strong where loan-to-deposit ratio stood at 74%, and credit provisions held against non-performing loans continue to exceed 100%, and capital adequacy ratio of 16.9%.
It is worth noting that Arab Bank announced recently the successful issuance of its $250 million in Additional Tier 1 (AT1) Capital Securities with a fixed coupon of 8%. The issuance was through a private placement and was listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange. The bond's proceeds will be used to finance a portfolio of qualified sustainable projects.
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