GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share

Dubai, UAE, January 27, 2018:  Arab Bank Group closed 2017 with solid results, reporting a growth in net operating income of 8% as compared to prior year. Excluding the effect of foreign currency devaluations, net operating income achieved double digit growth of 12%. Net income after tax is at $533 million as compared to $532.7 million in 2016, whilst loans and advances grew by 6% to reach USD 25.1 billion.In view of the results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2017.

 Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong performance of Arab Bank Group confirms the success of the Group in dealing with the challenging and changing operating environment and reflects the Group's prudent operating policies.Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the solid results of Arab Bank Group for 2017 were driven by sustainable growth in the underlying business, spread improvements and well controlled expenses. Mr. Sabbagh remarked that Arab Bank Group enjoys strong liquidity and robust capitalization. 

As of 31 December 2017, the Group's loan-to-deposit ratio stood at 74%, whilst the capital adequacy ratio calculated in accordance with Basel III regulations is at 15.3%. He added that the asset quality of the Group remains to be high, with NPL ratio at 5.2%, and credit provisions held against non-performing loans at 100%, excluding the value of collaterals.Mr. Masri concluded by remarking that the encouraging results will continue to support the continuous improvement in the financial performance of the Group and its position in its markets.

 Arab Bank was named “Bank of the Year in the Middle East for 2017” by The Banker – Financial Times, London  and “Best Bank in the Middle East for 2017” by Global Finance, New York.The 2017 financial statements are subject to the approval of the Central Bank of Jordan.

 



Posted by : GoDubai Editorial Team
Viewed 8076 times
Posted on : Saturday, January 27, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : FILMFARE Middle East is all set to re-launch in March 2018
Next Story : Al Ahli Holding Group's CSR Division Launches Women for Business Initiative
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
MAC - Hyper Real Glow
M∙A∙C Mineralize Total Detox
Introducing Vitabrid C12, a brand-new, proprietary form of active Vitamin C bein...
5 things to know about collagen
Fresh Hair in an Instant with SHOW Beauty
PUMA and Sahntell Martin Unveil Debut Collection
Amadeo® Fleurier 39 “Fan”
Show/Pop-up Event “Pret-A-Cover™ Buyers Lane” to Be Launched in Dubai From March...
Moreish Café in Dubai introduces a healthy Quinoa Burrito
Mother's Day Gift Guide 2018 from The Little Birdy Group
True Colours
Robinsons Honored for Outstanding Store Design
UAE Team Emirates' Mirza Takes Gold at Asian Cycling Championships
Phenomenal development in falconry racing from small beginnings: HHC Deputy CEO
WGS 2018: Opening Session Highlights Importance of Embracing Smart Living to Enh...
World-renowned Air Sculpture Artist Daniel Wurtzel collaborates with LG PuriCare...
MB&F M.A.D. Gallery presents aeronautical artwork "Nose Art” by French phot...
Dubai Culture Announces an Exciting Line-up of Artists for SIKKA Art Fair 2018
Splash receives 2 awards
Arab Duo Showcase Team's Potential in Final Stage of Dubai Tour
RAK Hospital launches the biggest weight-loss challenge in association with MoHA...
UAE Exchange Partners with Ripple for Instant Cross-Border Payments
2XL launches Malmo Bed with floral designs for a vintage shabby chic inspired ma...
Bridal Glow is Skin Deep: Tips for every bride-to-be in 2018
Food Lovers Rejoice: Dubai Food Festival Is Back This Month
Mealtop, Introducing a Whole New Dessert Experience
Al Ahli Holding Group to redefine the UAE value shopping category through an AED...
British Orchard Kids Kingdom Nursery wins Sharjah Economic Excellence Network Award
Global Dialogue for Happiness: Bestselling Author Advises Governments to Integra...
WGS 2018: Governments Need to Prioritize Wellbeing of Citizens, Say Internationa...
Under the Patronage and Presence of H.H. Sheikh Saud bin Saqr Al Qasimi, Member ...
Voting for Superbrands 2018 has commenced
The new BMW HP4 RACE arrives at Abu Dhabi Motors – one of just 750 built
The Robots Are Coming: Ministry of Finance Brings Artificial Intelligence to Dub...
Optim-Eyes Lashes & Brows with Filorga
Leading Scientists, Astronauts Share Insights on why Space Exploration Matters a...
WGS 2018 Global Dialogue for Happiness: Australian Expert Underlines Importance ...
Qualcomm Extends Cash Tender Offer for All Outstanding Shares of NXP
New Report from Accenture and the World Government Summit Finds That Regulators ...
Potential automation of 20 million jobs in the Middle East
ADNOC Schools Team Wins Etihad Artificial Intelligence Competition
Kristoff Secures Fourth as European Champion Edges Closer to a Podium Finish
NEZO launches new identity to guide consumers in selecting the best salt for the...
WGS 2018 Global Dialogue for Happiness: Former Finland PM Discusses Secrets of S...
'Stranger Things' Spring Camp!
UAE launches seed grants to support new research into space settlement & space h...
WGS 2018: Innovation to Propel Dubai into the Next Century
First Ever UAE Race Car Fitted with Immensa 3D Printed Parts
Garbiñe Muguruza Hungry for Success at Dubai Duty Free Tennis Championships
WGS 2018: Governments of the Future Must Work Smartly with Innovation and Technology