Arab Bank Group Ups Net Profit By 13% In 9 Months
Arab Bank Group announced Sunday in a press statement that its net profit increased by 13 per cent during the nine months period ended September 30, 2012 compared to the same period in 2011.
Nemeh Sabbagh, Arab Bank ‘s chief executive officer, indicated in the press release that net profit after tax and provisions amounted to $484.5 million, up from $428.8 million, as a result of growth in net interest earnings and operating income.
“The financial results of Arab Bank Group show a 7 per cent increase in operating income, reaching $1329.2 million as of September 30, 2012 as compared to $1245.9 million for the same period in 2011, while operating expenses rose by 5 per cent,” the bank pointed out in the press statement.
“Customer deposits grew to $32.4 billion, while credit facilities reached $20.1 billion and total assets stood at $45.2 billion,” it said.
Arab Bank Chairman Sabih Masri described the results as positive at a time when a number of countries in the region are facing a challenging environment and the world economy is slowing down.
Stressing that the bank derives its dynamism from a diversified global network spanning 30 countries worldwide, Masri credited customer confidence as an underlying strength for the bank’s financial results
The chairman expressed confidence in the bank’s future growth prospects and reiterated the commitment to its core values of conservative and prudent policies which are the cornerstone of Arab Bank .
“The group continues to maintain a high quality loan portfolio thanks to its prudent policies and a high capital adequacy ratio which, at 14.73 per cent, exceeds the 8 per cent minimum required by the Basel Committee and the 12 per cent required by the Central Bank of Jordan. Liquidity remains strong as reflected in the loan deposit ratio of 62 per cent as of September 30, 2012” the press release indicated.
Fitch credit ratings agency affirmed on July 25, 2012 the rating of Arab Bank at A- with a stable outlook.
In a separate press release, Arab Bank announced that it was recently recognised by the international banking publication, EMEA Finance with Best Foreign Exchange and Best Cash Management services awards in the Middle East for 2012.
These recognitions are part of EMEA Finance’s Transaction Banking awards recognising excellence in this field.
” Arab Bank ‘s extensive global network of over 600 branches in 30 countries positions us as the leaders in cross-border services and at the same time allows corporate customers to leverage our network for their growing business needs,” Sabbagh said.
He added: “This award is a testament to our ongoing commitment to provide the highest standards in corporate banking services in the region.”
Nadya Talhouni, senior vice president, head of cash management and trade finance at Arab Bank , said: ” Arab Bank ‘s cash management offering includes an extensive product suite that enables our customers to effectively manage their liquidity and payment needs. We have placed special focus on our cash management offering to ensure that we provide comprehensive solutions and drive our customer’s business forward.”
Jordan Times
