$ 215.2 million profits of the Arab Bank Group for 9...

$ 215.2 million profits of the Arab Bank Group for 9...
$ 215.2 million profits of the Arab Bank Group for 9...

Arab Bank Group net profits after taxes and provisions 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 precautionally to face the economic downturn and the uncertainty in the region and the world, in addition to the decrease in interest and commission revenues due to the decrease in interest rates globally, the decline in oil prices and the slowdown Global trade movement as a result of the closures that the countries of the world witnessed due to the outbreak of the Coronavirus.

The net operating profit of the bank amounted to $ 808 million, 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 allies. Customer deposits grew by 8% to reach $ 37.5 billion 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 last year. The previous year, with a growth rate of 2%. The bank maintained a solid capital base, with total equity reaching 9.3 billion US dollars and a capital adequacy ratio of 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 coverage ratio exceeded Non-performing loans 100%.

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