Tuesday, December 10, 2019

Arab Bank Group profits grow by 4% to $669 million for nine month 2019

Arab Bank Group reported net income after tax for the nine month period ended 30 September 2019 of $668.9 million compared to $643.2 million in the prior period, recording a growth of 4%. The Group’s net income before tax grew by 6% to reach $912 million with net operating income reaching $ 1,040 million and recording a growth of 5%.

Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong operating performance of Arab Bank Group confirms the strength of its franchise locally and abroad with its wide geographical diversification. He added that Arab Bank has recently opened a new branch in Shanghai in a move designed to strengthen its footprint in the Chinese market within its global network which includes about 600 branches across five continents

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with nine month period results recording a healthy increase of 5% in net operating income. He added that the strong performance was driven by growth in core banking income with net interest income increasing by 5%. Total loans increased by 3% to reach $26.1, and deposits increased by 4% to reach $34.7 billion.

Mr. Sabbagh remarked that Arab Bank Group enjoys high liquidity and strong and robust capitalization. Group’s capital adequacy ratio stood at 16.1% and loan to deposit ratio at %75.4 as of 30 September 2019. He added that the asset quality of the Group remains high and that credit provisions held against non-performing loans exceed 100%

Mr. Sabih Masri expressed his confidence in the Group’s ability to maintain its leading position and to continue delivering strong results and sustainable growth.

Arab Bank was 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.

 

MOST READ

New terminal to offer smoother travel experience for passengers with reduced mobility

Bahrain International Airport’s (BIA) new Passenger Terminal Building will deliver a more comfortable and convenient travel experience for Passengers with Reduced Mobility (PRM), Bahrain...

Festive Spirits at The Westin & Le Méridien City Centre Bahrain

Celebrate this special time of the year with The Westin & Le Méridien City Centre Bahrain. Exciting offers from turkey take-away, ginger bread house decorating...

Bahrain Showcases Cloud Experience in USA

Based on invitation addressed to the Information & eGovernment Authority (iGA), the Chief Executive, Mohammed Ali AlQaed showcased Bahrain’s experience with Cloud technology at...

Centrepoint Reopens at Oasis Mall Riffa featuring the Latest Winter Collection

Centrepoint opened its latest revamped store in Oasis Mall – Riffa. The store was inaugurated by Shaikh Hasan bin Rashid Al Khalifa, Srikant Gokhale-...

Fatima bint Mubarak Ladies Sports Academy and Abu Dhabi Sports Council Announce Historic Week-long Celebration of Women’s Sports

Organising Committee confirms the 5th International Conference of Sports for Women and the FBM Sports Awards will be the culmination of five days of...

CBB Governor, Rasheed Al Maraj, receives prestigious banking award

Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj was conferred the Lifetime Achievement Award at The Banker Middle East Industry Awards for his...

Wide Bahraini Participation in the the Ironman Middle East 70.3 Championship

HH Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Charity Works and Youth Affairs, National Security Advisor and Chairman...

SWEET SUCCESS! Interview with Abdul Majeed Theruvath, Director of Jamal Showaiter Sweets

The saying that great things have small beginnings seem to really fit the life of serial entrepreneur Abdul Majeed Theruvath, the Managing Director of...

Essential Oil Remedies for Dry Feet

With the winter season on its full swing, dry feet that tamper the appearance of your feet also causing the uncomfortable and painful walk...

Kingdom of Bahrain lays foundation stone of Expo 2020 Dubai Pavilion

The Kingdom of Bahrain laid the foundation stone of its national pavilion at Expo 2020 Dubai in an official ceremony on Sunday, 24 November,...

Crowne Plaza Bahrain – Annual Appreciation Corporate Party 2019

The Crowne Plaza Bahrain hosted their annual appreciation corporate party with an interesting theme: Epic Getaway. The theme was specifically designed to promote the Epic...

INJAZ Students Visit Ebrahim K. Kanoo Facilities

Thirty students from the Al Shurooq Secondary Girls School visited the Ebrahim K. Kanoo corporate office in Manama where they were given a special...

Bahrain exports BD154 Million Worth of Trade Products of National Origins during October 2019

The Information & eGovernment Authority (iGA) issued its foreign trade report of October 2019, encompassing data on the balance of trade, imports, exports (national...

Vijnanamaya Kosha

Vijnanamaya kosha is the wisdom sheath covering the ‘atma’ or pure consciousness. Jnana means knowledge but Vijnana means specialized knowledge. This knowledge is not...

We rise by helping others by Dhananjay Mahadev Datar

One day I was working in my office. Just then my business associate came in to meet me. He was accompanied by an unfamiliar...