Manama, July 26 -- Arab Bank Group reported net income after tax of $ 152.1 million for the first half of 2020 as compared to $453.2 million for the prior period, recording a drop of 66%.

The fall in the profits is attributable to the buildup of higher provisions, driven by current and forecasted economic conditions, and reflect the deterioration in the macro-economic environment throughout the region and globally, and to lower revenues from interest and fee income because of the impact of the Covid-19 outbreak and lower market interest rates and weakening oil prices.

The Bank has entered the crisis from a position of strength. Customer deposits grew by 5% to reach $ 35.9 billion as compared to $ 34.1 billion in the previous year, while...