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 >>

 
  Share

45% cash dividends


[Dubai, United Arab Emirates, February 02, 2019] Arab Bank Group closed 2018 with solid results reporting net income after tax of $820.5 million as compared to $533 million in 2017 with net income before tax reaching $ 1.1 billion. The Group's equity grew to reach $8.7 billion while the return on equity increased to reach 9.5%. In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 45% cash dividends for the financial year 2018.

The Group's net operating income grew by 8% driven by growth in net interest and commission income. Credit facilities increased by 3% to reach 25.8 billon while customer deposits increased to reach $34.3 billion.

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 2018 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. The Group's loan-to-deposit ratio stood at 75% while capital adequacy ratio calculated in accordance with Basel III regulations improved to reach 15.6%. He added that the asset quality of the Group remains high, with credit provisions held against non-performing loans standing above 100%, excluding the value of collaterals. 

As the legal cases filed in the US in 2004 have been put into finality, the Bank reversed $325 million of excess legal provisions into income. Also, and in line with the Bank's conservative policies, the Bank booked $225 million impairment against the value of its investment in Turkey, the amount of which is mainly the result of currency depreciation. 

Mr. Masri concluded by remarking that the encouraging results will continue to support the strong 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 2018” by Global Finance, New York for the third year consecutively. The Bank also received 14 international awards from Global Finance for its corporate digital banking services in the region.

The 2018 financial statements are subject to the approval of the Central Bank of Jordan.



Posted by : GoDubai Editorial Team
Viewed 6195 times
Posted on : Saturday, February 2, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Unexpected child reaction wins UAE-based family a dream trip worth AED20,000
Next Story : A statement launching “Aber” project, the common digital currency between Saudi Arabian Monetary Aut...
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
Lockdown Showdown: Jaguar I-pace Etrophy Series to Get Back on Track in Berlin i...
Three Eggs get Yemeni National a Guinness World Records Title
Omega's Antimagnetic Tourbillon Is a Watchmaking Breakthrough
Lamborghini SCV12: Squadra Corse Hypercar Ready to Hit the Track
The new BMW M5 and BMW M5 Competition
Toric Tourbillon Slate
GROHE Smart Control Review
Twitter tests Tweeting with Voice
Saxo Bank Launches Loyalty Program for MENA Region Clients
Hyundai Motor and Sony Pictures Entertainment Announce Unique and Pioneering Mul...
American Aesthetic Medical Center Has Something in Store for the Esthetical Figu...
WTTC Launches Safe Travels Protocols for Attractions, Car Hire and Short-Term Rental
NUDESTIX Launches - Nudies Blush, Bronze, and Glow Shade Extension
Volvo Cars Chengdu Car Plant Powered by 100 Per Cent Renewable Electricity
Range Rover Marks 50 Years of All-terrain Innovation and Luxury With Exclusive N...
Under-12 and Over-60 Can Now Take Part in Sports Activities: Dubai Sports Council
Dabur Ensures Safety with Hand Sanitizers and Personal Protection Kits as UAE Es...
Let's Brigthen Up! The Face Shop's Ultimate Summer Skincare Range From Belif is Here!
Handy Helper for Content Creators: The Compact A6100 Mirrorless Camera from Sony...
Pre-orders for Samsung's Galaxy S20+ 5G and Galaxy Buds+ BTS Edition now open in...
Experts Highlight need for Young Talent to Develop Skills for a Post-Covid-19 World
Dabur Launches Pure Organic Coconut Oil: Natural Protection for Hair, Skin, and ...
GEMS Wellington Academy – Al Khail Improves Rating to 'Very Good' in KHDA DSIB 2...
Etihad Airways to Recommence Flights to Athens
Dubai Sees Pronounced Uptick in Demand for Retail Units
Book Building of Amlak International's IPO of 30% of Shares
Sanctuary for the Senses: All-New Lincoln Corsair Arrives with Whisper-Quiet, Co...
Essence Spring/Summer 2020 Collection
Registration Opens for Training On the Camel Trek and Camel Marathon for Expats
Covid-19 Leads UAE Businesses to Adopt Upgraded Green Building Solutions
Dubai Sports Council Discuss Upcoming Sports Events With Federations and Organisers
Dubai Sports Council to Celebrate Dubai's COVID-19 Heroes Through Commemorative ...
Turkish Airlines Was the Busiest Operator in the Eurocontrol Area After Restarti...
Celebrate Father's Day With Parmigiani Fleurier Tondagraph Slate'
INFINITI of Arabian Automobiles presents Dubai Islamic Bank customers Super Sale...
Crude Oil Headwinds on Virus and Technicals
Customers can Benefit from Increasing Gold Rate by just Paying 10% Advance at Ma...
Canadian University Dubai Receives Prestigious Certification in Education for Pu...
Report Reveals the Six Fintech Innovations That Will Boost the ‘Financial Health...
Serco Middle East Appoints New Managing Director for Dubai Metro and Dubai Tram
Big Bang Integral King Gold
Pan Emirates Unveils Exclusive New Collection
Digital Vision Technology Signals On-Track Success for Panasonic Jaguar Racing
Schneider Electric Extends Strategic Partnerships with AVEVA, Lenovo and Stratus...
Celebrate World Music Day with HONOR Magic Earbuds
The 11th Edition of the Arab Fashion Week to Launch Virtually Today, from June 2...
New Bentayga to Launch Beyond100
Cairo Amman Bank Adopts the Latest Technology to Enhance Performance and Securit...
Celebrate Summer Safely with the New, Shopping Normal at BurJuman
Registration open for Dubai Watersports Summer Week