AMMAN — Arab Bank Group reported net income after tax for the first quarter of 2022 of $166 million as compared to $128.3 million for the prior period, recording an increase of 29.4 percent, according to a press statement.
اضافة اعلان
The group loan
portfolio grew by 5 percent to reach $35.2 billion as of March 31, 2022
compared to $33.5 billion for the same period last year, while customer
deposits grew by 3 percent to reach $47.3 billion compared to $45.8 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 and deposit base. The group maintained its strong
capital base with a total equity of $10.2 billion.
Sabih Masri,
chairman of the Board of Directors, stated that the results achieved by the
Bank in the first quarter of this year, reflect the Bank’s strong financial
position and its ability to deliver sustainable performance, while prudently
managing the regional and global developments.
Randa Sadik,
chief executive officer, stated that the underlying performance of the Group
continues on its growth path with first quarter results driven by an increase
in core banking income and a lower cost of risk, highlighting that the Bank’s
net interest and commission income increased by 6.3 percent compared to prior
period, despite ongoing market volatilities.
Sadik commented that
Arab Bank Group enjoys strong liquidity in the form of a granular deposit base
and strong capitalization where loan-to-deposit ratio stood at 74.3 percent,
and the capital adequacy ratio is at 16.5 percent in accordance with Basel III
regulations. She also added that the asset quality of the Group remains high,
with credit provisions held against non-performing loans continue to exceed 100
percent.
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