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AMMAN (Reuters) – Arab Bank Group, Jordan's Largest Bank, Reports Net Profit of US $ 453 Million in the First Half, Up 4% from US $ 436 A Year Ago, Driven by Growth basic banking product.
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.
(Reuters)
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