Arab Bank Group’s H1 net income after tax rises 25% YoY
Updated 7/28/2024 2:03:00 PM
Arab Finance: Arab Bank Group’s net income after tax increased in the first half (H1) of 2024 by 25% year on year to $503 million, compared to $401 million, as per an emailed press release.
The group’s capital base remained steady with a total equity of $11.5 billion.
In H1 2024, assets grew by 5% YoY to $68.7 billion, with loans rising by 8% to $38.1 billion and deposits increasing by 6% to $50.5 billion.
Chairman of the Board of Directors Sabih Masri attributed the group’s solid financial performance during the first six months to the successful execution of prudent risk practices, its diversified business model, and its focus on core banking activities.
For her part, Randa Sadik, the group’s CEO, noted that the bank’s net operating profit rose by 11%, backed by core banking activities coupled with controlled operating expenses.
She also added that the bank’s balance sheet strength, solid capitalization, and high liquidity levels have well-positioned the bank for sustainable growth.
Related News
