Amman: Jordan’s largest lender, Arab Bank Group, posted a 15 per cent rise in 2014 net profit to $577 million (Dh2.1 billion), saying its diversified portfolio helped it offset the impact of foreign exchange falls.
Chairman Sabih Al Masri said deposits rose to $35 billion, up by 2 per cent from the end of 2013.
“Despite the challenging environment and devaluation of several major currencies the bank managed to see growth in loans and deposits,” said Al Masri.
CEO Nemeh Sabbagh said its diversified model helped the bank succeed in expanding its operating income.
Arab Bank, which has a $45.6 billion balance sheet spread across 30 countries and five continents, saw no increase in nonperforming loans last year, something which had hurt its profitability in recent years, Masri said.
