GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share

45% cash dividends


[Dubai, United Arab Emirates, February 02, 2019] Arab Bank Group closed 2018 with solid results reporting net income after tax of $820.5 million as compared to $533 million in 2017 with net income before tax reaching $ 1.1 billion. The Group's equity grew to reach $8.7 billion while the return on equity increased to reach 9.5%. In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 45% cash dividends for the financial year 2018.

The Group's net operating income grew by 8% driven by growth in net interest and commission income. Credit facilities increased by 3% to reach 25.8 billon while customer deposits increased to reach $34.3 billion.

Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong performance of Arab Bank Group confirms the success of the Group in dealing with the challenging and changing operating environment and reflects the Group's prudent operating policies.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the solid results of Arab Bank Group for 2018 were driven by sustainable growth in the underlying business, spread improvements and well controlled expenses. Mr. Sabbagh remarked that Arab Bank Group enjoys strong liquidity and robust capitalization. The Group's loan-to-deposit ratio stood at 75% while capital adequacy ratio calculated in accordance with Basel III regulations improved to reach 15.6%. He added that the asset quality of the Group remains high, with credit provisions held against non-performing loans standing above 100%, excluding the value of collaterals. 

As the legal cases filed in the US in 2004 have been put into finality, the Bank reversed $325 million of excess legal provisions into income. Also, and in line with the Bank's conservative policies, the Bank booked $225 million impairment against the value of its investment in Turkey, the amount of which is mainly the result of currency depreciation. 

Mr. Masri concluded by remarking that the encouraging results will continue to support the strong financial performance of the Group and its position in its markets.

Arab Bank was named “Bank of the Year in the Middle East for 2017” by The Banker – Financial Times, London  and “Best Bank in the Middle East for 2018” by Global Finance, New York for the third year consecutively. The Bank also received 14 international awards from Global Finance for its corporate digital banking services in the region.

The 2018 financial statements are subject to the approval of the Central Bank of Jordan.



Posted by : GoDubai Editorial Team
Viewed 5716 times
Posted on : Saturday, February 2, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Unexpected child reaction wins UAE-based family a dream trip worth AED20,000
Next Story : Tabreed's 2018 Full Year Net Profit Increases 7% During its 20th Year of Operation
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Juliette has a gun's New Vanilla Vibes Perfume, a hymn to Adventure and Freedom,...
Ralph Lauren Unveils the Earth Polo, Made Completely From Recycled Materials
Celebrate with the new AIGNER Ramadan collection
The Beauty Oasis Spa Introduces ‘glowinface' - a First of Its Kind Facial Yoga T...
Get Instantly plump and luscious lips with Kocostar's Plump Lips Capsule Mask
Protect your little ones skin during summer time with Fifi & Friends
CLAUDE MONET Limited Edition Collection
UAE to spend AED 8.8 bn on personal care 2022 with 2.2% annual growth
Express Yourself With the New Scents of Life Fragrance Collection From the Body Shop
Seasonal Offers from THT to keep you Pampered to Perfection this Ramadan
Cerruti 1881 launches a splendid new collection for the festive season
Malabar Group Headquarters (M HQ) wins the Forbes India Design Awards 2019
Worldwide Distribution Center Showcasing Thousands of Health and Beauty Products...
Diva Abaya's Ramadan 2019 Collection - A fusion of tradition and fashion!
Exclusive Louboutin's for the Middle East
GUESS Partners with Model Roz To Unveil Its Beautiful New Ramadan Collection
CND™ Sweet Escape: The Collection Awaken the Senses
Brothers Claim Double Triumph in UAE Wakeboarding Championship
Three designer brands to launch exclusively at DIVAlicious 2019!
Tumi Introduces Alpha 3
One Giant Leap for Resolution: Samsung Announces Availability of the UAE's first...
The essence Prep-list for a Regret-free Prom
Nazih Group Organizes a Special Gathering for its Industry Partners
Ramadan 2019 Listing | Manzil Downtown
OPPO unveils Reno Series with 10x Zoom and Pivot Rising Camera
Samana Developers launches Samana Hills in Arjan with 8 year payment plan
CND Essential Care Pens
Dubai Theme parks industry estimated to generate $ 5 billion in annual revenue b...
Chloé Launches The New Spring/summer 2019 Advertising Campaign Featuring Two Ico...
Curtin University adds six new programs and rollouts expansion plans for their t...
Discover Marks & Spencer's Dreamy Oud Collection this Ramadan
Emirates Post Recognized for Outstanding Customer Services by Universal Postal U...
New CND™ Vinylux™ Gel-Like Effect Top Coat
The UAE's Minister of Economy Welcomes Italy's Deputy Prime Minister During Ital...
Capture the Ramadan Spirit with Home and Soul Dubai
Premium Ramadan Treats from Marks & Spencer
Marks & Spencer Launches its 2019 Ramadan Collection
Memento Mori- A Celebration of Life
Introducing Innovative Skincare Solutions from PMD Beauty
Joyalukkas announces ‘Gold Fortune' on the exclusive occasion of Akshaya Tritiya.
Islamic Affairs and Charitable Activities Department announces the launch of the...
Glamorous Gilda for elegant lady
Dubai Police supports green vision with addition of 13 Renault ZOE electric cars...
The Big Reveal: Inside the Coca-Cola Arena Dubai
IIHF Women's Challenge Cup of Asia 2019 kicks off this week
Repton Family of Schools Are Top Ranking in Khda Reports for 2018/2019
Longchamp LGP a Very Modern Monogram
Win a new MG 6 or a AED30,000 makeover at Ibn Battuta Mall this Dubai Home Festival
Selena Gomez in Ralph Lauren
Jimmy Choo Presents a Limited Edition Eyewear Piece In Celebration of Ramadan