Dubai - Mubasher: Arab Bank Group reported a 5% increase in net income after tax to $436 million in the first half of 2018.
Income before tax grew by 6.4% to $582 million with net operating income reaching $668.5 million and recording a solid growth of 13%, the bank said in a statement on Saturday.
Net operating income grew by 13% and net interest income went up 12% as a result of yield improvements and loan growth.
Loans also increased by 3% to reach $25.5 billion, and while customer deposits reached $33 billion.
Arab Bank CEO Nemeh Sabbagh said that the strong underlying performance of the Group is reflected in the growth in net operating income achieved during the first half of the year, which was driven by core banking income generated from interest and fees coupled with effective cost management.
The bank’s loan-to-deposit ratio stood at 71.6%, while the capital adequacy ratio reached 15.4%, the CEO added.
