Arab Bank group profit rises by seven per cent
Arab Bank Group net profit after tax and provisions during the first half of 2014 grew by seven per cent to $414.9 million from $387.3 million in the same period last year.
Loans and advances also increased by four per cent to reach $23.7 billion compared to $22.9 billion on June 30, 2013. Customer deposits grew by $1.7 billion to reach $34.4 billion compared to $32.7 billion for the same period last year, an increase of five per cent.
Commenting on the results, Mr.Sabih Masri, Arab Bank’s Chairman explained that these results reaffirm the bank’s ability to continue its positive performance through prudent management and the better utilisation of its resources.
Mr. Nemeh Sabbagh, Arab Bank’s CEO said that the bank recorded an increase in net interest income and commissions of three per cent and seven per cent respectively compared to the same period last year and that the bank continues to maintain comfortable liquidity ratios as a strategic goal. The banks’ loan-to-deposit ratio stood at 62.5 per cent and the Group’s capital adequacy ratio stood at 14.15 per cent, well above the minimum required by the Central Bank of Jordan.
The Banks’ results are subject to Central Bank of Jordan final approval.
Source: cpifinancial
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