Arab Bank posts $215.2 million net profit in 9 months

Arab Bank posts $215.2 million net profit in 9 months

AMMAN “” Arab Bank Group reported net income after tax of $215.2 million for the nine months of 2020, compared to $668.9 million for the same period last year, recording a drop of 68 per cent.

In a statement, the Arab Bank Group attributed the drop to the build up of higher provisions, driven by current and envisaged economic conditions.

According to Nemeh Sabbagh, the increased provisions booked across the Group are in accordance with the guidelines of International Financial Reporting Standard #9, and as per the bank's internal expected credit loss model, and include general provisions built due to the current economic situation in Lebanon.

The results also reflect the deterioration in the macroeconomic environment in the region and globally, the statement added, in addition to lower revenues because of the impact