Arab Bank Group reports first quarter 2018 profit of $220.3m

AMMAN — Arab Bank Group reported $220.3 million in net profit after tax for the first quarter of 2018.

Its net operating income before provisions and taxes reached $335 million, recording a double digit growth of 15 per cent, according to a statement of the Arab Bank Group. 

Loans and advances grew by 5 per cent to reach $25.5 billion, while customer deposits stood at $33.4 billion.

Sabih Masri, chairman of the Board of Directors said the performance of the Arab Bank attests to the success of the Group in generating strong results despite a challenging operating environment.

Nemeh Sabbagh, chief executive officer, stated that the group continues with its growth with first quarter results recording a solid 15 per cent increase in net operating income. 

The strong performance was driven by growth in core banking income with net interest income increasing by 12 per cent, he added, according to the group’s statement.

The Arab Bank Group enjoys high liquidity and strong and robust capitalisation as its capital adequacy ratio stood at 15.1 per cent as of 31 March 2018, he elaborated.