The net profit of the Arab Bank Group after taxes and allocations amounted to $ 215.2 million during the first nine months of 2020 compared to $ 668.9 million in the corresponding period for the year 2019, a decrease of 68%.
The profits of the Arab Bank Group were negatively affected as a result of the additional allocations that the bank monitored as a precaution to face the economic downturn and the uncertainty in the region and the world, in addition to the decrease in interest and commission revenues due to the decrease in global interest rates, the decline in oil prices and the slowdown in global trade movement as a result of the closures witnessed by the countries of the world Due to the outbreak of the Corona virus.
The bank’s net operating profit reached $ 808 million, down 22% over the same period of the previous year, due to lower net interest and lower net commissions. Sabih Al-Masry, Chairman of the Board of Directors, said: The global economy incurred great losses as a result of the outbreak of the Corona virus, which led to the imposition of additional burdens on all economic sectors, in addition to a decrease in the growth rate and high unemployment rates.
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