Arab Bank group profit rises by 7% in the first half

Arab Bank Group net profit after tax and provisions during the first half of 2014 grew by 7% to USD 414.9 million from USD 387.3 million in the same period last year.

Loans and advances also increased by 4% to reach USD 23.7 billion compared to USD 22.9 billion on June 30, 2013. Customer deposits grew by USD 1.7 billion to reach USD 34.4 billion compared to USD 32.7 billion for the same period last year, an increase of 5%.

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 utilization of its resources.

Mr. Nemeh Sabbagh, Arab Bank’s CEO said that the bank recorded an increase in net interest income and commissions of 3% and 7% 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% and the Group’s capital adequacy ratio stood at 14.15%, well above the minimum required by the Central Bank of Jordan.

Mr. Masri expressed his satisfaction with the banks’ results and his confidence in the continued strong performance of the bank in the second half of the year. Arab Bank received the award of Best Bank in Middle East for the year 2014 by New York based “Global Finance” magazine.

The Banks’ results are subject to Central Bank of Jordan final approval.