Loans, deposit growth underpin profit at Jordan's Arab Bank

تم نشره في Wed 6 May / May 2015. 08:31 AM

AMMAN (Reuters) - Arab Bank Group, Jordan's largest lender, posted a small rise in first-quarter net profit to $217.2 million on Wednesday, helped by a rise in loans and customer deposits.

The bank, one of the Middle East's major financial institutions with a $46.4 billion balance sheet, said in a statement loans and customer deposits grew by 6.3 and 4.4 percent respectively on the same period in 2014.

Outstanding loans stood at $23.7 billion at the end of March.

The bank, which posted a 15 percent rise in 2014 net profit to $577 million, said its diversified portfolio helped to offset the impact of foreign exchange falls.

Arab Bank, present in 30 countries in five continents, owns 40 percent of Saudi Arabia's Arab National Bank ANB.

Chairman Sabih al-Masri said first-quarter results reflected "the bank's commitment to maintain the quality of its loan portfolio and to strengthen its capital position".

CEO Nemeh Sabbagh said the ratio of non-performing loans to net loans was 4.9 percent at the end of March from 5.6 percent at the same time last year.

 

Sabbagh said liquidity continued to be robust with a loan-to-deposit ratio of 68.4 percent. 

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