Arab Bank Group announces higher midyear net profit

AMMAN — Arab Bank Group announced Saturday in a press statement that its midyear net profit before tax reached  $559.7 million.

The press statement indicated that net profit after-tax and provisions during the first half of this year amounted to $422.9 million, 2 per cent higher than the $414.9 million registered during the January-June period of last year. 

It remarked that the figures are preliminary and subject to the approval of the Central Bank of Jordan.

"Arab Bank 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," the statement said.

"Customer deposits also increased reaching $34.8 billion compared to $34.4 billion at June 30, 2014," it added. "Loans and advances grew to $24.1 billion compared to $23.7 billion."

The bank noted that excluding the effect of exchange rate devaluations, loans and customer deposits increased by 5 per cent and 4 per cent  respectively.

In the press statement, Arab Bank Chairman Sabih Masri stated: “The financial performance during the first half reaffirms the bank's progress in implementing  its successful strategy.”

Arab Bank’s Chief Executive Officer Nemeh Sabbagh stressed the bank’s focus on its core banking activities as well as its efficient asset allocation, pointing out that net operating income grew by 4 per cent to $590.8 million during the first six months of 2015.

"The bank continues to maintain comfortable liquidity ratios as a strategic goal with a loan-to-deposit ratio of 62.5 per cent," Sabbagh said.

Masri concluded that Arab Bank is 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 to maintain sustainable growth.

Arab Bank received the award of "Best Bank in Jordan" 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.