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AMMAN, July 28 (Reuters) – Jordan's largest lender, the Bank's Arab Group, reported a 4 percent rise in first-half net income to $ 453 million from $ 436 million a year ago , driven by the growth of the basic banking product.
In a statement released Sunday by the bank, one of the Middle East's leading financial institutions, total lending rose 3 percent to $ 26.2 billion at the end of June, while deposits also rose 3% to $ 34.1 billion. The equity of the group amounts to $ 8.7 billion, he said.
President Sabih al Masri said the "good performance despite the continued slowdown in economic growth in the region" reflected the bank's ability to adapt to a "difficult banking environment".
Arab Bank operates in 30 countries on five continents and holds 40% of the Arab National Bank of Saudi Arabia, ANB.
Executive Director Nemeh Sabbagh said liquidity remains strong, with a loan-to-deposit ratio of 76.9% at the end of June. The coverage ratio of provisions for non-performing loans of the bank was more than 100%.
The results also showed growth in the core banking product with net interest income up 5%, Sabbagh said. The bank did not provide figures for its net operating profit. (Report by Suleiman Al-Khalidi, edited by Daniel Wallis)
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