Arab Bank Group net profit up 61% to $314.5m

The Arab Bank Group recorded a net income after tax of $314.5 million in 2021, up from $195.3 million in 2020, a 61 per cent increase.

According to the bank, group equity increased to $10.3 billion. For the fiscal year 2021, the Board of Directors has recommended that shareholders receive cash dividends of 20%.

Arab Bank combined Oman Arab Bank’s financial statements under its group accounts, raising total assets by $8.4 billion to $63.8 billion, up from $54.4 billion the previous year.

Customers’ deposits increased by 22% to $47.1 billion, while loans increased by 30% to $34.6 billion. According to the company, the merger of Oman Arab Bank raised client deposits and loans by $7.3 billion and $7.5 billion, respectively. The underlying performance, according to Sabih Masri, reflects the company’s strategic directive in coping with a difficult and changing operating environment, as well as its conservative operating strategies of maintaining strong liquidity and healthy capital balances.