Jul 31 2012
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Arab Bank Group net profit grows by 10 % in the first half of 2012 and Fitch affirms Arab Bank rating at A-
Mr. Abdel Hamid Shoman, Chairman of Arab Bank , commented that the growth in net income comes as a result of a healthy increase in net interest income, gains from financial assets as well as lower provisions on doubtful debts, and added that the sustained growth in operating revenues reflects the bank's underlying strength and its ability to take advantage of its diversified global network.
Arab Bank Group also managed to maintain its loan portfolio at $ 22.2 billion at the end of June 2012 and to grow its customer deposits to $ 32.1 billion. The growth in the rate of the customer deposits would have been greater had it not been for the decline in the exchange rate of certain major currencies against the US Dollar.
The bank was able to grow its operating revenues and at the same time to control its expenses which grew by only 1%.
Testimony to the Bank's solid financial standing, Fitch affirmed on July 25, 2012 the rating of Arab Bank at A- with a Stable Outlook.
For more information please visit www.arabbank.com
For more information, please contact:
Memac Ogilvy - Egypt
Tel: + 202 3848 0202
© Press Release 2012
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