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.
Read more Business
Jordan News
.jpg)
.jpg)
