Arab Bank Q3 net profit up12pc
Manama, November 1, 2011
Arab Bank, a premier bank in Jordan, said its net profits for the third quarter increased by 12 per cent to reach $428.7 million compared to $382.7 million for the same period in 2010.
Announcing the results on Tuesday, chairman Abdel Hamid Shoman said profit growth at Arab Bank had maintained its positive momentum in 2011 despite the prevailing conditions in the region and the turbulent global economic environment.
The bank's total assets at the end of September stood at $45 billion, while the shareholder equity hit $7.9 billion.
The coverage ratio of provisions to non-performing loans improved from 69 per cent in December 2010 to 82 per cent excluding tangible collateral.
Shoman pointed out that the increase in profits came as a result of the continued growth in core banking income, the diversified geographical spread of the bank and prudent risk policies.
'These results are a reflection of the confidence that clients have placed in Arab Bank and of the leading role the bank plays in the region,' he added.
Arab Bank CEO Nemeh Sabbagh said that in addition to growing its profits, the bank was able to enhance its capital adequacy ratio and improve the quality of its asset base.
'The bank continues to maintain strong liquidity which is a hallmark of the group as a whole,' he noted.-TradeArabia News Service