The Arab Bank Group’s net profits reached $615.1m from the beginning of the year to the end of September, up from the $614.2m registered during the same period the preceding year, an official statement from the group indicated.
Commenting on the positive performance of the bank, Arab Bank Chairman Sabih Masri said: “These results reflect the Bank’s successful execution of its strategy, despite the challenging environment, and the bank’s focus on core banking activities and high quality assets.”
Meanwhile, the bank’s net profit before tax deduction was equivalent to $818.7m. Masri “expressed his confidence in the bank’s continued robust performance which reinforces its leading position in the market”.
Further, the statement indicated that the bank’s deposits increased by 5%, standing at $34.8bn, while loans and advances inched up by 2% to reach $23.6bn
Moreover, the group achieved net profits worth $422.9m in the first half of the current year, marking a growth of 2% compared to $414.9m in the same period in 2014. Net profits before taxes reached $559.7m.
This year, the Arab Bank has received numerous international awards, including Best Trade Finance Bank in the Middle East by Global Finance magazine for the second year in a row, and the Best Bank in Jordan award from Global Finance, Euromoney and The Banker Middle East magazines.
The bank provides a number of services and products to its clients, those include Consumer Banking, Corporate and Institutional Banking (CIB), and Treasury.