Arab Bank Group Reports Net Profit of USD 422.9 million i
Arab Bank Group Reports Net Profit of USD 422.9 million in the first half of 2015
Doha, Qatar – July 11, 2015: Arab Bank Group reported net profit after tax and provisions for the six months period ending June, 30th 2015 of USD 422.9 million, a growth of 2% compared to USD 414.9 million in the same period last year. The Group’s net profit before tax reached USD 559.7 million.
Arab Bank maintained a strong and healthy capital base as shareholders equity stood at USD 8.1 billion, with a capital adequacy ratio of 14.3%.
Customer deposits also increased reaching USD 34.8 billion compared to USD 34.4 billion at June, 30th 2014. In addition, loans and advances grew to USD 24.1 billion compared to USD 23.7 billion at end of June 2014. Excluding the effect of exchange rate devaluations, loans and customer deposits increased by 5% and 4% , respectively.
Arab Bank Chairman, Mr. Sabih Masri stated: “The Bank’s financial performance during the first half reaffirms the Bank’s progress in implementing its successful strategy”.
Mr. Nemeh Sabbagh, Arab Bank’s CEO - commented that net operating income grew by 4% to reach USD 590.8 million thanks to the Bank’s focus on its core banking activities as well as its efficient asset allocation.
Mr. Sabbagh added that the Bank continues to maintain comfortable liquidity ratios as a strategic goal with a loan-to-deposit ratio of 62.5%.
Mr. Masri concluded that Arab Bank is consistently utilizing the strength of its branch network to provide the best banking services to its customers which will enable the Bank to continue achieving further success and to maintain sustainable growth.
It is worth mentioning that Arab Bank received the award of Best Bank in Jordan from “Euromoney” and “The Banker Middle East”, in addition to Best Trade Finance Bank in the Middle East award for the year 2015 by New York based “Global Finance” magazine.
These results are preliminary and are subject to the approval of the Central Bank of Jordan.
