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Arab Bank registers $423m H1 profit

AMMAN, July 11, 2015

Leading Jordanian lender Arab Bank Group has reported a net profit after tax and provisions of $422.9 million for the first half, up two per cent over $414.9 million in the same period last year.

The group’s net profit before tax reached $559.7 million, said the Arab Bank in a statement.

The lender maintained a strong and healthy capital base as shareholders equity stood at $8.1 billion, with a capital adequacy ratio of 14.3 per cent.

Customer deposits also increased reaching $34.8 billion in the first half compared to $34.4 billion last year. In addition, loans and advances grew to $24.1 billion compared to $23.7 billion as of June 30, 2014.

Excluding the effect of exchange rate devaluations, loans and customer deposits increased by five and four per cent , respectively.

Commenting on the results, chairman Sabih Masri said the bank’s financial performance during the first half reaffirms its progress in implementing a successful strategy.

CEO Nemeh Sabbagh said the net operating income grew by four per cent to reach $590.8 million thanks to the bank’s focus on its core banking activities as well as its efficient asset allocation.

Sabbagh pointed out that the bank continues to maintain comfortable liquidity ratios as a strategic goal with a loan-to-deposit ratio of 62.5 per cent.

Masri said Arab Bank was consistently utilising the strength of its branch network to provide the best banking services to its customers which will enable the bank to continue achieving further success and maintain sustainable growth.

Arab Bank, he stated, received the Best Bank in Jordan award from “Euromoney” and “The Banker Middle East”, in addition to Best Trade Finance Bank in the Middle East award for the year 2015 by New York based “Global Finance” magazine.

These results are preliminary and are subject to the approval of the Central Bank of Jordan.-TradeArabia News Service




Tags: Jordan | Arab Bank | profit |

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