(MENAFNEditorial) Dubai, UAE, July 24, 2016:Arab Bank Group delivered solid financial results for the period ending June 2016, recording net profit after taxes and provisions of USD 424.9 million compared to USD 422.9 million for the same period last year. The results were drivenby the Bank";s well diversified businessmodelwhich enables itto perform consistently and withstandthe volatile market challenges.
Loans and advances reachedUSD 24.2 billion while Customer deposits remainedstable atUSD 34.8 billion. Excluding the effect of foreign currency devaluations, both loans and customer deposits grew by 3%.
Mr. Sabih Masri, Arab Bank";s Chairman,statedthat the Bank was able to achieve these results due to the successful execution of its strategy, andits focus oncore banking activities. He further stated: ''The Bank is reinforcing its leading position in the region and enhancing its market share across its wide network of branches”.
Mr. Nemeh Sabbagh, Arab Bank";s CEO,commented that despite the challenging environment the results affirm the Bank";s ability to deliver strong profitability while maintaining a solid balance sheet. Loan quality remains strong with the provisions coverage ratio exceeding 105%, excluding the value of collaterals held.Mr. Sabbagh emphasized that the Bank is still focusing on preserving its high asset quality. Liquidity continues to be strong with a loan to deposit ratio of 69.5% and shareholders equity is at USD 8.1 billion. He further commented that the results of the United Kingdom";s European Union membership referendum has had no impact on the Bank,although the long term implications of Britain";s exit from the EU will not be known for a while.
Mr. Masriexpressed his full satisfaction with the Bank";s results and his confidence in the Bank";sperformance during the second half of the yearas we feel we are very well positioned to capture future growth opportunities.
Arab Bank was named the ''Best Bank in the Middle East” for the year 2016 by ''Global Finance”, the New York-based magazine for finance.
The results are subject to Central Bank of Jordan approval.
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