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Arab Bank Announces First Half Net Profit Up 4% to $ 453 Million
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Arab Bank Group, Jordan's largest bank, said Sunday its first-half net profit rose 4 percent to $ 453 million from $ 436 a year ago as a result of growth in core banking income.
Total loans rose 3 percent to $ 26.2 billion at the end of June, while deposits also rose 3 percent to $ 34.1 billion, a bank statement said. Arab Bank is one of the major financial institutions in the Middle East.
"Strong performance despite the continued slowdown in economic growth in the region reflects the Bank's ability to adapt to the difficult banking environment," said Sabih Al Masri, Chairman of Arab Bank.
Arab Bank operates in 30 countries on five continents and owns 40% of Arab National Bank in Saudi Arabia.
"The strength of the bank's financial position has been sustained by the Bank's continued high liquidity levels, with loan to deposit ratio of 76.9% and the quality of the credit facility with a retention rate of more than 100%," said Nima Sabbagh, Chief Executive Officer.
The results also showed growth in core banking income with a 5 percent increase in net interest income, Al Sabbagh said.
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