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13% increase in Arab Bank Group net profit

Jordan: Sunday, October 21 - 2012 @ 15:59

Commenting on these results, Mr. Nemeh Sabbagh, Arab Bank’s CEO, said that the Group achieved net profit after tax and provisions of $484.5m for the period ended 30 September 2012 compared to $428.8m for the same period in 2011, as a result of growth in net interest income and operating income.

The financial results of Arab Bank Group show an increase in operating income of 7% to reach $1329.2m as of 30 September 2012 as compared to $1245.9m for the same period in 2011, while operating expenses grew by 5%. Customer deposits grew to $32.4bn, while credit facilities reached $20.1bn and total assets stood at $45.2bn.

Mr. Sabih Masri, Chairman of Arab Bank, said he was pleased with these positive results at a time when a number of countries in the region are facing a challenging environment and the world economy is slowing down.

Mr. Masri highlighted that the bank’s underlying strength is its ability to take advantage of its diversified global network in 30 countries worldwide. Mr. Masri added that the financial results of Arab Bank Group reflect customer confidence in the underlying strength of the Bank.

The Group continues to maintain a high quality loan portfolio thanks to its prudent policies and a high capital adequacy ratio which stands at 14.73% far exceeding the 8% minimum required by the Basel Committee and higher than the minimum required by the Central Bank of Jordan of 12%. Liquidity remains strong as reflected in the loan deposit ratio of 62% as of 30 September 2012.

Fitch affirmed on July 25, 2012 the rating of Arab Bank at A- with a Stable Outlook.

Mr. Sabih Masri concluded by expressing his confidence in the Bank’s future growth prospects and reiterated the bank’s commitment to its core values of conservative and prudent policies which are the cornerstone of the Arab Bank.

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Sunday, October 21- 2012 @ 15:59 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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