Dubai / WAM
Arab Bank Group continued its strong financial performance during the first quarter of 2016, reporting net profit after taxes and provisions of USD 218.3 million, compared to USD 217.2 million for the same period last year. Shareholders equity, meanwhile, rose to USD 8 billion. The Bank’s balance sheet remains strong with loans and advances growing by 3% to reach USD 24.4 billion vs USD 23.7 billion in the first quarter of 2015. Customer deposits grew by 2% to reach USD 35.4 billion, compared to USD 34.7 billion for the same period last year. Excluding the effect of foreign currency devaluations, both loans and customer deposits grew by 4%.