Abdel Hamid Shoman, Chairman of Arab bank, said that the increase in profits came as a result of the continued growth in core banking income, the diversified geographical spread of the bank and prudent risk policies.
Arab Bank’s CEO, Nemeh Sabbagh, said that in addition to growing its profits, the bank was able to enhance its capital adequacy ratio and improve the quality of its asset base. He added that the bank continues to maintain strong liquidity which is a hallmark of the group as a whole.
Total Assets at the end of September stood at $45 billion and shareholder equity reached $7.9 billion. The coverage ratio of provisions to non-performing loans improved from 69% in December 2010 to 82%, excluding tangible collateral.
Shoman added that the bank’s results were a reflection of the confidence that clients have placed in Arab Bank and of the leading role the bank plays in the region.