Arab Bank Group Profit before tax and provisions exceeds USD 1.1 billion in 2015 and 25% cash dividend distribution

Arab Bank reported net operating income at the end of 2015 of USD 1.1 billion and net income after tax and provisions of USD 442 million compared to USD 557 million in 2014 after having taken legal provisions of USD 349 million. This follows a settlement agreement which was entered into without any admission of wrongdoing and upon terms satisfactory to the Bank with respect to the legal case which was filed against the Bank in New York 11 years ago. The Bank has been setting aside provisions for the case during the past several years which at the end of 2015 stood at USD 1 billion and which will cover the expected obligations under the settlement agreement.