Arab Bank Reports Net Income of $ 453 Million, Up 4% in First Half

AMMAN (Reuters) – Jordan's largest bank, Arab Bank Group, reported net profit of $ 453 million, up 4 percent from $ 436 a year ago, driven by growth in the banking product basic.

Total loans rose 3 percent to $ 26.2 billion at the end of June, while deposits also rose 3 percent to $ 34.1 billion, a bank statement said Sunday. . Arab Bank is one of the leading financial institutions of the Middle East.

"Good performance despite continued weak economic growth in the region reflects the bank's ability to adapt to a challenging banking environment," said Sabih Al Masri, chairman of Arab Bank. Arab Bank operates in 30 countries on five continents and owns 40% of the Arab National Bank in Saudi Arabia.

"The strength of the bank's financial position has been supported by consistently high levels of liquidity, with a loan-to-deposit ratio of 76.9% and credit facility quality with a retention rate above 100%. "said Nima Sabbagh, Executive Director.

The results also showed growth in the core banking product with a 5% increase in net interest income, said Al Sabbagh.