Jordan’s Arab Bank Group 9-month net profit rises 7 percent

Arab Bank Group said its January-September net profit rose 7 percent to $643 million. (AFP/Getty Images)

Jordan’s largest lender, Arab Bank Group, said on Saturday its January-September net profit rose 7 percent to $643 million driven by a rise in core banking income.

Arab Bank Group’s net interest income rose by 11 percent as a result of higher yields, while loans rose slightly to $25.4 billion as of the end of September.

Deposits dipped slightly to $33.2 billion compared with $33.6 billion in the same period last year, the statement showed.

The bank, one of the Middle East’s major financial institutions and owner of 40 percent of Saudi Arabia’s Arab National Bank ANB, gave no third quarter figures.

Chairman Sabih al Masri said he expected the bank to continue to perform well due to its diversified operations and geographic spread across five continents that minimized risk.

CEO Nemeh Sabbagh said Arab Bank’s non-performing loans had “over 100 percent” provisions at the end of September. Liquidity continued to be robust with a capital adequacy ratio that stood at 15.9 percent. The loan-to-deposit ratio was 77 percent.

Last Update: Wednesday, 20 May 2020 KSA 09:58 - GMT 06:58