Arab Bank posts 2% rise in first-half profit

The bank, one of the Middle East's major financial institutions with a $46.4 billion balance sheet, said customer deposits rose to $34.8 billion from $34.4 billion a year before.

By Staff Report

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Published: Sun 12 Jul 2015, 12:00 AM

Last updated: Sun 12 Jul 2015, 9:23 AM

Dubai - Arab Bank Group, Jordan's largest lender, said its first-half net profit rose two per cent year-on-year to $422.9 million, lifted by steady growth in its core activities.
The bank, one of the Middle East's major financial institutions with a $46.4 billion balance sheet, said customer deposits rose to $34.8 billion from $34.4 billion a year before.
Loans stood at $24.1 billion at the end of June, against $23.7 billion a year before. Net operating income rose four per cent to $590.8 million.
The bank, which posted a 15 per cent rise in 2014 net profit to $577 million, said its diversified portfolio helped offset the impact of currency moves.
Chairman Sabih Al Masri said the first-half results reflected "the bank's progress in implementing a successful strategy of focusing on core banking activities as well as efficient asset allocation."
Chief executive officer Nemeh Sabbagh said liquidity continued to be robust with a loan-to-deposit ratio target of 62.5 per cent.
Masri added that Arab Bank is consistently utilising the strength of its branch network to provide the best banking services to customers.
Arab Bank, present in 30 countries in five continents, owns 40 per cent of Saudi Arabia's Arab National Bank (ANB).
- With inputs from Reuters



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