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Arab Bank Group generates $615.1m during first 9 months of 2015

By JT - Oct 24,2015 - Last updated at Oct 24,2015

AMMAN — Arab Bank Group announced Saturday in a press statement that it posted $615.1 million net profit after tax and provisions for the period ending September 2015, compared to $614.2 million in the same period of last year.

Net pretax profit amounted to $818.7 million." Shareholders equity reached $8.2 billion as of September 30, 2015," the statement indicated. "Loans and advances grew to $23.6 billion and customer deposits reached $34.8 billion." Arab Bank Chairman Sabih Masri said in the statement: “The results reflect the successful execution of the bank's strategy, despite the challenging environment, and the focus on core banking activities and high quality asset." Nemeh Sabbagh, Arab Bank’s chief executive officer, added that the results demonstrated the focus on a diversified business model and a prudent risk strategy.

The ratio of non-performing loans improved to 4.8 per cent and the provisions coverage ratio for non-performing loans was over 100 per cent, excluding the value of collaterals held. Loans-to-deposit ratio stood at 63.1 per cent and capital adequacy ratio  at 14.02 per cent. A court in New York set May 16, 2016, to implement a settlement reached to resolve a civil lawsuit filed against the bank. 

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