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Ramallah – National Home
The Arab Bank Group continued to post positive results in 2019, which resulted in net profit growth after tax and provisions of the group, which amounted to USD 453 million in the first quarter. June 30, 2019, against 436 million USD for the same period of the previous year, with a growth rate of 4%. The Bank maintained a strong capital base with total equity of US $ 8.7 billion.
Credit facilities were $ 26.2 billion as at June 30, 2019, compared with $ 25.5 billion for the same period last year and 3% growth, while customer deposits increased by 3%. %, at 34.1 billion USD, against 33 billion USD. June 30, 2018.
Commenting on the positive results of the bank, Mr. Sabih Al Masri, Chairman of the Board of Directors, emphasized the bank's ability to achieve sustainable growth by successfully managing various conditions and adapting to changing circumstances. and changes, particularly because of the economic slowdown in the region. Bank and a prudent and conservative credit policy.
Mr. Nemeh Sabbagh, Managing Director of Arab Bank, said: "The Bank's excellent operational performance has allowed it to grow by 5% to reach $ 698.7 million as at June 30, 2019, thanks to the efficiency of its operations and the diversification of its banking products and services. (5%) in addition to the efficiency of controlling its operating expenses, so that the efficiency ratio products) is 38%.
Mr. Nama Sabbagh baderted the soundness of the bank's financial situation because of the bank's still high level of liquidity: the loan-to-deposit ratio stood at 76.9% and the quality of its ability to credit has been maintained, with a coverage rate greater than 100%. The capital ratio was 15.8%.
In conclusion, Mr. Sabeeh Al Masri commended the position of the Arab Bank as a pioneer in the field of banking at the local and regional levels, underlining its continued commitment to achieving the best results.
Arab Bank has recently been voted Best Middle East Bank for 2019 by Euromoney International Magazine – London, as well as the Middle East's Best Bank for 2019 and for the fourth consecutive year by Global Finance) Global – New York.
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