Business | Banking
Jordan-based Arab Bank posts record quarterly profit of $466m
Jordan-based Arab Bank said on Saturday it posed a record net profit of $465.9 million, up 25.8 per cent from the year-earlier period, on higher diversified income and project finance in the Gulf.
- Reuters
- Published: 23:24 July 26, 2008
Amman: Jordan-based Arab Bank said on Saturday it posed a record net profit of $465.9 million, up 25.8 per cent from the year-earlier period, on higher diversified income and project finance in the Gulf.
Chairman and chief executive Abdel Hamid Shoman said in a statement that better utilisation of assets had "contributed to the results of the bank and a bigger market share in the fast growing Arab banking sector".
The bank, one of the Middle East's largest financial institutions, said its first-half pre-tax profit reached $616.8 million this year compared to $495.4 million in the same period last year.
The total assets of Arab Bank Group, which includes Arab Bank Switzerland headquartered in Zurich, rose in the first half to $47.1 billion compared to $35.7 billion in the same period last year.
The bank has been studying acquisitions as part of an expansion drive, and sought a foothold in Egypt and expanding its presence in Syria along with a stronger foothold in the Gulf region.
Foothold
It finally secured a foothold in the potentially lucrative Libyan market rich in oil and gas reserves after its acquisition last February of 19 per cent of Libya's Wahda Bank with a bid of 210 million euros.
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