Aruba Arab International Bank’s net profit was $ 4,087 thousand for the fourth quarter 2020, compared with $ 17,935 thousand for the same period in 2019, which is a decrease of 77.2 percent, mainly attributed to reversal or write-back of provisions for credit losses, on recovery of past dues, which was recorded in 2019.

Earnings per share were $ 0.82, in fourth-quarter 2020 as against $ 3.59 for the same period in 2019. Total comprehensive income was $ 7,497,000 for Q4-2020, as against $ 21,727,000 for the same period in 2019, which is a decrease of 65.5pc.

As a result of Q4-2020 results, the bank recorded a consolidated net profit of $ 22,113,000 for the year ended December 2020, which is a decrease of 23pc, as against the previous year’s $ 28,741,000. Correspondingly, earnings per share decreased to $ 4.42 as of end-2020, compared with $ 5.75 as of end-2019. Total comprehensive income for 2020 was $ 18,351,000 compared with $ 37,957,000 for 2019, reflecting a decrease of 51.7pc

Nevertheless, the overall operating income before provisions increased for 2020 by 2.8pc compared with 2019, mainly driven by fee and commission income, which recorded a year on year increase, due to trade finance activity and other income of $ 5,786,000 which comprised of recovery from prior year’s written off facilities.

Total equity increased to $334,375,000 as of end-2020, from $331,024,000 as of end-2019, an increase of 1pc and total assets marginally decreased by 0.8pc from $1,153,997,000 in 2019 to $1,145,242,000 as of end-2019.

The bank’s board has proposed dividend as 5 percent of paid-up capital, which is $ 2.50 per share, for 2020.

Hasan Abulhasan chief executive said the bank is positioned well for challenges faced by the industry and despite the COVID-19 pandemic, it continued its uninterrupted service to customers and adapted well to the ever-changing economic scenario.

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