Arab Bank Group announces positive results for Q1

AMMAN — The Arab Bank Group said its net profit after tax for the first quarter of 2019 grew by 5.2 per cent as it reached $231.8 million, compared with $220.3 million in 2018, according to a statement of the bank.

Its net income before tax rose by 9.1 per cent to reach $312.8 million, according to the statement. 

The group equity’s stood at $8.5 billion while loans and deposits went up to $25.8 billion and $33.7 billion, respectively.

In the statement, Sabih Masri, chairman of the board of directors, said the performance of the Arab Bank Group confirms its success in generating strong results despite the backdrop of the challenging operating environment.

Nemeh Sabbagh, chief executive officer, said the strong performance was driven by growth in core banking income with net interest income increasing by 7 per cent as well as by lower provisions.

Sabbagh added that the Arab Bank Group enjoys high liquidity and strong and robust capitalisation. 

Its capital adequacy ratio stood at 15.5 per cent as of March 31, he said.

The asset quality of the group remains high and credit provisions held against non-performing loans continue to exceed 100 per cent, he added.