Arab Bank Group reports 38% half-year profit

Arab Bank. (Photo: Jordan News)

AMMAN  — Arab Bank Group reported a net after tax income of $252 million in the first half of this year, a 38 percent increase from the $182.4 million recorded in the corresponding in 2021, according to a bank statement said.اضافة اعلان

The Group loan portfolio inched up by 6 percent to $35.7 billion as of June 30, compared with $33.8 billion for the same period last year.

Customer deposits also grew by 2 percent to $47.1 billion, compared to $46 billion for the same period last year.

“The increase in loans and deposits in most areas of operations are in line with the Bank’s sustainable growth strategy to expand and diversify its clients, loans and deposit base,” the statement said.

It said the Group “maintained its strong capital base with a total equity of $10.2 billion”.

Board Chairman Sabih Al-Masri said that the performance in the first half of the year “reflects the Group’s prudent operating policies and strong financial position, despite a challenging economic environment”.

Chief Executive Officer Randa Sadik said that the underlying performance of the Group “continues on its growth path with 6 percent growth in net operating income across the bank’s lines of business driven by improvement in both net interest income and commission income by 4 percent and 17 percent, respectively.”

She noted that the Group’s liquidity “remains strong where loan-to-deposit ratio stood at 75.9 percent and asset quality remains high with credit provisions held against non-performing loans continue to exceed 100 percent.”

Arab Bank Group maintains solid capital base that is predominantly composed from common equity with capital adequacy ratio stood at 16.4 percent, she added.

She said that the Arab Bank continued its digital transformation journey, providing a comprehensive range of banking solutions and services that cater to the evolving banking needs of its customers.

The Bank has recently released “pioneer applications in Jordan, including “Arabi Next” application; targeting Small and Medium enterprises and “Arabi Junior” application; targeting children and teens,” she said.

The statement said the applications add to Arab Bank’s ongoing updates to “Reflect”, the first Neobank in Jordan, as part of the bank’s constant efforts to deploy the latest digital banking technologies.

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