Central – $ 215.2 million Arab Bank profits for the nine...

Central – $ 215.2 million Arab Bank profits for the nine...
Central – $ 215.2 million Arab Bank profits for the nine...
Central- The net profit of the Arab Bank Group after taxes and allocations amounted to $ 215.2 million for the period ending September 30, 2020, compared to $ 668.9 million in the corresponding period for the year 2019, a decrease of 68%. Whereas, the profits of the Arab Bank Group were negatively affected during the first nine months of the year 2020 as a result of the additional allocations that the bank monitored as a precaution to confront the economic downturn and the state of uncertainty in the region and the world, in addition to the decrease in the revenues from interest and commissions due to the decrease in global interest rates, the decline in oil prices and the slowdown Global trade movement as a result of the closures that the world has witnessed due to the outbreak of the “Corona” virus.

The net operating profit of the bank reached 808 million dollars, down 22% from the same period of the previous year, due to the decrease in net interest as well as the decrease in net commissions, in addition to the decrease in the profits of the bank’s affiliates, and customer deposits grew by 8% to reach 37.5 billion dollars compared to $ 34.7 billion for the same period of the previous year, while credit facilities amounted to $ 26.7 billion as on September 30, 2020, compared to $ 26.1 billion for the same period of the previous year, with a growth rate of 2%, and the bank maintained a solid capital base, with total equity amounting to 9.3 One billion dollars, and the capital adequacy ratio reached 16.7% at the end of the nine months of the year 2020, in addition to the bank’s maintenance of comfortable liquidity ratios, with the loan-to-deposit ratio reaching 71.1%, while the non-performing loan coverage ratio exceeded 100%.

Commenting, Sabih Al-Masri, Chairman of the Board of Directors, said: The global economy incurred great losses as a result of the outbreak of the “Corona” virus, which led to the imposition of additional burdens on all economic sectors, in addition to a decrease in the growth rate and high unemployment rates.

He stressed that despite the negative effects of this epidemic, he is “confident in the bank’s ability to contain the impact of this economic crisis,” praising “the success of the bank’s diversified business model locally and regionally.”

For his part, Nehme Sabbagh, Executive General Manager of the Arab Bank, explained that “the Arab Bank Group was affected by the Corona virus outbreak, which also coincided with the decline in global interest rates and the decline in oil prices. He pointed out that the bank’s focus during this period was to direct work to maintain the quality of the credit facilities portfolio and High liquidity ratios in light of negative future expectations for the growth of the global economy.

He added: The Arab Bank has a strong capital base and that the additional allocations have been allocated according to the International Financial Reporting Standard No. 9 and according to the expected credit loss model used by the bank, in addition to general provisions that the bank built as a result of the current economic conditions in Lebanon.

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