Arab Bank H1 profit grows by 4% to $453m

AMMAN — The Arab Bank Group announced its results for the first half of 2019, reporting a growth of 4 per cent with its net profit after tax reaching $453 million compared with $436 million in 2018, according to  an Arab Bank Group statement. 

Deposits increased by 3 per cent and reached $34.1 billion while the group’s equity stood at $8.7 billion, said the statement.

In the statement, Sabih Masri, chairman of the board of directors commented, saying despite the continued slowdown of economic growth in the region, the group continues to deliver strong financial performance.

This affirms the bank’s effective management of risks and its ability to deal with the challenging environment, he added.

Nemeh Sabbagh, chief executive officer, stated that “the underlying performance of the group continues on its growth path with first half results recording a sound increase of 5 per cent in net operating income”, according to the statement. 

He noted that Arab Bank Group enjoys high liquidity and strong and robust capitalisation. 

The Arab Bank was recently named “The Middle East’s Best Bank 2019”, by Euromoney — London in addition to “Best Bank in the Middle East” for the 4th consecutive year by Global Finance, New York.