Arab Bank Group Achieves 25% Profit Growth To $503 Million In H1 2024

Arab Bank Group announced a 25% rise in net income after tax for the first half of 2024, reaching $503 million compared to $401 million in the same period last year. The Group's total equity stood strong at $11.5 billion.

Assets increased by 5%, totalling $68.7 billion. At constant currency, loans grew by 8% to $38.1 billion, while deposits rose by 6% to $50.5 billion.

Sabih Masri, Chairman of the Board of Directors, remarked that the solid financial performance highlights the bank's successful risk management practices and diversified business model. He stressed that these factors have reinforced Arab Bank's leading market position.

Randa Sadik, Chief Executive Officer, noted that the robust financial results are due to a strong asset base and capitalization. She pointed out an 11% growth in net operating profit driven by core banking activities and controlled expenses.

The bank continues to advance its digital strategy by expanding innovative digital solutions across various business segments. This strategy has been pivotal in maintaining their competitive edge.

Arab Bank recently received the "Best Bank in the Middle East 2024" award from Global Finance for the ninth consecutive year, underscoring its consistent excellence in banking services.

Sadik also highlighted that the bank's balance sheet strength, solid capitalization, and high liquidity levels position it well for sustainable growth. The loan-to-deposit ratio was reported at 75.4%, with credit provisions against non-performing loans exceeding 100%.

The Group maintains a strong capital base predominantly composed of common equity, with a capital adequacy ratio of 17.5%. This robust foundation supports ongoing growth and stability.

The impressive financial results reflect Arab Bank's commitment to prudent risk management and focus on core banking activities, ensuring continued success and market leadership.