Arab Bank Group profits grow by 17% to $252.8 million for the first quarter of 2024
Arab Bank Group reported solid results for the first quarter of 2024, with 17% increase in net income after tax reaching $252.8 million as compared to $216.3 million for the same period last year.
The Group maintained its strong capital base with a total equity of $11.3 billion. At constant currency the Group’s loans grew by 7% to reach $37.1 billion, and deposits grew by 6% to reach $49.8 billion.
Mr. Sabih Masri, chairman of the board of directors, stated that Arab Bank’s first quarter 2024 performance was strong despite the challenging environment for banks globally and regionally. He also added that the results reflect the bank’s resilience and ability to deliver sustainable growth from multiple markets mainly from the GCC region. Mr. Masri expressed his confidence in the bank’s ability to continue to grow based on its sound strategy, while maintaining the strength of its balance sheet.
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