Arab Bank Group first half 2021 net profits grow by 20 percent – Roya News English

Arab Bank Group first half 2021 net profits grow by 20 percent – Roya News English

Arab Bank Group reported net income after tax of $182.4 million as compared to $152.1 million for the same period last year, recording a growth of 20 percent. During the first quarter of 2021, Arab Bank consolidated the financial statements of Oman Arab Bank under its Group accounts increasing total assets by $8.2 billion to reach $63 billion compared to $51.6 billion for the same period last year. Oman Arab Bank has also recently finalized the acquisition of Al Izz Islamic Bank, a full-fledged Islamic bank, strengthening its presence in the Sultanate of Oman.

Customer deposits grew by 28 percent to reach $46 billion, while loans grew by 27 percent, to reach $33.8 billion. The consolidation of Oman Arab Bank has materially increased customer deposits and loans by $7 billion and $7.2 billion, respectively.

Mr. Sabih Masri, Chairman of the Board of Directors remarked that the solid results demonstrate the strength of the Bank’s diversified business model and the Bank’s resilient performance in this challenging economic environment.