Mubasher: Arab Bank Group reported a 7% increase in net profits in the first nine months of 2018 to $643 million compared to $601 million last year.
Net income before tax grew by 8% to reach $865 million with net operating income reaching $988 million and recording a growth of 9%, according to a statement issued on Saturday.
The strong operating performance of Arab Bank confirms its success, with its diversified business model regionally and globally, in dealing with the challenging operating environment, according to chairman Sabih Masri.
The increase in profits during the nine-month period was driven by core banking income generated from interest and fees coupled with effective cost management, said CEO Nemeh Sabbagh.
Net operating income grew by 9% and net interest income went up by 11% as a result of yield improvement and the effective management of cost of funds.
Loans reached $25.4 billion while customer deposits reached $33.2 billion.
