$ 215.2 million Arab Bank profits

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Dubai: “The Gulf”

The net profit of the Arab Bank Group after taxes and provisions amounted to $ 215.2 million for the period ending September 30, 2020, compared to $ 668.9 million in the corresponding period for the year 2019, a decrease of 68%.
Whereas, 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 confront the economic downturn and the state of 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 countries The world due to the outbreak of the Corona virus.
The bank’s net operating profit amounted to $ 808 million, down 22% from the same period of the previous year, due to the decrease in net interest, as well as the decrease in net commissions, in addition to the decrease in the profits of the bank’s affiliates, and customer deposits grew 8% to reach $ 37.5 billion compared to 34.7 One billion dollars for the same period of the previous year, while the credit facilities amounted to 26.7 billion dollars, as on September 30, 2020, compared to 26.1 billion dollars for the same period of the previous year, with a growth rate of 2%, and the bank maintained a solid capital base with total equity reaching $ 9.3 billion and the capital adequacy ratio reached 16.7% at the end of the nine months of 2020, in addition to the bank maintaining comfortable liquidity ratios, with loans to deposits reaching 71.1%, while non-performing loans coverage exceeded 100%.

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