Arab Bank of Jordan records 4% rise in profits in first half

The Arab Bank group, the largest Jordanian lender and the largest publicly traded company on the Amman Stock Exchange, announced that its profits had increased by 4% in the first half of 2019, thanks to the growth of the banking product of based.

Net income for the first six months of the year rose from $ 436 million in the first half of 2018 to $ 453 million (Dh 1.6 billion), the Arab Bank Group said in a statement released on Saturday. The lender did not provide figures for second quarter earnings.

"The underlying performance of the group continues its growth trajectory, with first-half results recording a net 5% increase in net operating income," said Nemeh Sabbagh, chief executive officer of Arab Bank. "The strong performance results from the growth of the basic banking product, net interest income increasing by 5%."

The bank, which has badets of more than $ 47 billion last year, operates in 30 countries on five continents and holds a stake in the Arab National Bank of Saudi Arabia, ANB.

Arab Bank has not provided figures for first-half revenues.

Total loans increased 3% to $ 26.2 billion, although the bank did not specify how much this amount had increased year-over-year. Deposits increased 3% to $ 34.1 billion and group equity was $ 8.7 billion.

The bank's capital ratio was 15.8% and the loan-to-deposit ratio was 76.9% at June 30th. Provisions for credit held for unproductive loans exceed 100%, said Arab Bank.

The bank expects to "continue to produce solid results and sustainable growth," said Sabih Masri, chairman of the board of directors.

The group generated solid results in the first half of the year "despite the continued slowdown in economic growth in the region," Masri said.