JEDDAH — Arab Bank Group continued its solid financial performance during 2017, posting net income after provisions and taxes of $600.8 million for the nine months period ended Sept. 30, 2017 as compared to $617.9 million in prior period. The results were achieved despite the impact of foreign currency devaluations.

The performance of Arab Bank Group reflects its commitment to grow while maintaining a strong and healthy capital base as shareholders’ equity reached $8.5 billion as of Sept. 30, 2017. Customer deposits stood at $33.6 billion whilst the loans and advances increased by 6% to reach $25 billion compared to $23.7 billion as of Dec. 31, 2016.

Sabih Masri, Chairman of the Board of Directors, said the financial performance during the nine months period confirms the success of the Group in dealing with the challenging operating environment.

Nemeh Sabbagh, Chief Executive Officer, said the underlying performance of the Group is driven by the strength of its core businesses, as the net operating income reached $894 million, recording solid growth of 9% after excluding the impact of FX devaluations.

Sabbagh said Arab Bank Group enjoys high liquidity. As of Sept. 30, 2017, the Group’s loan-to-deposit ratio stood at 69.1%, while the capital adequacy ratio calculated in accordance with the new Basel III regulations reached 15.9%. He added that the asset quality remains high, and that credit provisions held against non-performing loans continue to exceed 100%.

Masri noted that the diversified business model and geographic profile of Arab Bank Group will continue to support its strong performance and leading position.

Arab Bank was named the “Best Bank in the Middle East” in 2017 for the second year consecutively by Global Finance magazine. — SG