Arab Bank Group reports first half 2020 net profit of $152.1 million – ZAWYA

Arab Bank Group reports first half 2020 net profit of $152.1 million – ZAWYA

arab bank group reports first half 2020 net profit of $152.1 million customer deposits grew by 5% to reach $ 35.9 billion as compared to $ 34.1 billion in the previous year, while loans grew by 2% to reach $26.7 billion as compared $ 26.2 billion    arab bank group reported net income after tax of $ 152.1 million for the first half of 2020 as compared to $453.2 million for the prior period, recording a drop of 66%.the fall in the profits is attributable to the build up of higher provisions, driven by current and forecasted economic conditions, and reflect the deterioration in the macro-economic environment throughout the region and globally, and to lower revenues from interest and fee income because of the impact of the covid-19 outbreak and lower market interest rates and weakening oil prices.    the bank has entered the crisis from a position of strength. customer deposits grew by 5% to reach $ 35.9 billion as compared to $ 34.1 billion in the previous year, while loans grew by 2% to reach $26.7 billion as compared $ 26.2 billion. the group maintained its strong and robust capital base with equity of $9.2 billion and with a