UAE – Mubasher: Arab Bank Group posted a 5.2% year-on-year increase in its profits during the first quarter of 2019.
Net profits, after tax, stood at $231.8 million in Q1-19, compared to $220.3 million in Q1-18.
The bank’s net income before tax levelled up 9.1% year-on-year to $312.8 million in Q1-19, according to a recent statement.
Sabih Masri, chairman of the board of directors, noted that the bank’s performance over the quarter confirms the success of the banking group in generating strong results despite the backdrop of the challenging operating environment.
Arab Bank Group's equity recorded $8.5 billion during the first three months of 2019, while loans grew to $25.8 billion, and deposits levelled up to $33.7 billion.
Masri added that the bank enjoys high liquidity, in addition to strong and robust capitalisation.
Arab Bank’s capital adequacy ratio (CAR)stood at 15.5% by the end of March 2019.
