Cash And Trade Magazine For Cash and Trade professionals in the Middle East
Arab Bank Group’s net profit after tax and provisions during the first half of 2014 grew by seven per cent to $414.9m from $387.3m in the same period last year. Loans and advances also increased, by four per cent, to reach $23.7bn compared to $22.9bn on June 30, 2013.
Also, customer deposits grew by $1.7bn to reach $34.4bn compared to $32.7bn for the same period last year, an increase of five per cent.
Commenting on the results, Sabih Masri, Arab Bank’s chairman, explained that the results “re-affirmed the bank’s ability to continue its positive performance through prudent management and the better utilisation of its resources”.
