Arab Bank nine-month profit up 13pc
Amman, October 22, 2012
Jordan-based Arab Bank Group's net profit was up 13 percent at $484.5 million in the first nine months of the year, helped by a rise in net interest and operating income.
The bank said on Monday total assets stood at $45.2 billion at the end of September, while operating income rose 7 percent to $1.32 billion in the nine months.
Chairman Sabih Masri was quoted in a brief statement as saying the bank's results were "positive", at a time "when a number of countries in the region are facing a challenging environment and the world economy is slowing down."
Bankers say Arab Bank's geographic diversification has helped it weather regional turmoil in the past with a presence spread across 30 countries on five continents.
The bank said on Monday its capital adequacy ratio stood at 14.73 percent of assets at the end of September, with customer deposits up at $32.4 billion.
The firm is one of the Arab world's largest privately owned banks. The family of former Lebanese Prime Minister Rafik al-Hariri, who was assassinated in 2005, owns over 21 percent, and a 15.5 percent stake is held by Jordan's social pension fund.
The remainder is mainly held by long-term investors. Arab Bank owns 40 percent of Saudi Arabia's Arab National Bank (ANB). - Reuters