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Arab Bank Group posts $166m profits in Q1-22

Arab Bank Group posts $166m profits in Q1-22
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Mubasher: The net profits after tax of Arab Bank Group jumped by 29.4% to $166 million in the first quarter (Q1) of 2022, compared to $128.3 million in the prior period.

The group recorded a 5% increase in its loan portfolio to $35.2 billion as of 31 March 2022 from $33.5 billion in the year-ago period, according to a recent press release.

Meanwhile, the customer deposits of the group reached $47.3 billion, up 3% from $45.8 billion.

Higher loans and deposits reflect the bank’s sustainable growth strategy to expand and diversify its clients and deposit base.