Jordan’s Arab Bank reports Q1 net profit of $218.2 mln

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Arab Bank Group, Jordan’s largest lender, on Monday reported a first-quarter net profit of $218.2 million, little changed from $218.3 million a year earlier.

Its loan book and overall operations grew despite exchange rate fluctuations, the bank said in a statement.

Total loans were up 3 percent to $24.4 billion as of the end of March, while deposits were unchanged at $33 billion.

One of the Middle East’s major financial institutions, Arab Bank operates in 30 countries on five continents, and owns 40 percent of Saudi Arabia’s Arab National Bank ANB.

Chairman Sabih al-Masri said the first-quarter results reflected “the bank’s well-diversified activities and sources of income,” alongside its geographical spread.

CEO Nemeh Sabbagh said the bank’s non-performing loans had “over 100 percent coverage” at the end of March. Liquidity continued to be robust with a loan-to-deposit ratio of 68.4 percent.

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