Arab Bank Group reports nine months 2020 net profit of $215.2 million

Arab Bank Group reports nine months 2020 net profit of $215.2 million

Arab Bank Group reported net income after tax of $ 215.2 million for the nine months of 2020 as compared to $668.9 million for the prior period, recording a drop of 68%. The fall in the profits is attributable to the build up of higher provisions, driven by current and forecasted economic conditions, and reflects the deterioration in the macro-economic environment in 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. Group net operating income is at $ 808 million, recording a drop of 22% from prior period as a result of a decrease in net interest and commission income, in addition to a drop in the