- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:25 06:38 12:34 15:53 18:24 19:38
Arab Bank Group announced its 2016 results reporting a growth of 20% percent in net profits. Net operating income before provisions and taxes exceeded US $1.1 billion, whilst the Group’s net profit after tax reached USD 533 million for the year 2016 as compared to US $ 442 million for 2015.
Excluding the effect of foreign currency devaluations, the Bank has shown a consistent solid growth during 2016 whereby loans and advances grew by 6 percent to reach USD 23.7 billion and customer deposits grew by 3 percent to reach USD 33.6 billion.
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.
Nemeh Sabbagh, Chief Executive Officer, stated that Arab Bank Group enjoys strong liquidity and robust capitalization. As of 31 December 2016, the Group’s loan-to-deposit ratio stood at around 70 percent, whilst capital adequacy ratio calculated in accordance with the new Basel III regulations has improved further to reach 15.7 percent. He added that the asset quality of the Group remains to be high, and that credit provisions held against non-performing loans continue to exceed 100 percent, excluding the value of collaterals held.
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.
In view of the results, the Board of Directors has recommended to the shareholders the distribution of 30 percent cash dividends for the financial year ended December 2016.
Follow Emirates 24|7 on Google News.