AMMAN: Jordanian lender Arab Bank Group’s nine-month net profit rose 15.4 percent to $559m, helped by growth in net interest income and operating income accompanied by a decrease in provisions compared to last year.
One of the Middle East’s major financial institutions said yesterday that total loans rose 6 percent to $23.2bn at end-September, while deposits grew 2 percent to $33bn compared to the same period last year.
The bank gave no figures for third quarter net profits.
Chairman Sabih Masri was quoted in a brief statement as saying the bank’s results showed it was on track to continue a positive performance for the rest of 2013 despite “regional turmoil and fluctuations in some major currencies.”
Bank CEO Nemeh Sabbagh said the bank had comfortable liquidity, a major bank goal, with a loan-to-deposit ratio of 63.8 percent and a capital adequacy ratio of 14.67 percent, well above the minimum set by Jordan’s monetary authorities.
Arab Bank owns 40 percent of Saudi Arabia’s Arab National Bank ANB. Reuters
