Amman
Jordan’s Arab Bank Group on Saturday reporting 8 per cent growth in net operating income for 2017. Net profit after tax as at $533 million compared to $532.7 million in 2016, whilst loans and advances grew by 6 per cent to reach $25.1 billion. The Board of Directors recommended the distribution of a 30 per cent cash dividend.
Nemeh Sabbagh, the bank’s chief executive officer, stated that the solid results of Arab Bank Group for 2017 were driven by sustainable growth in the underlying business, spread improvements and well controlled expenses. Sabbagh remarked that Arab Bank Group enjoys strong liquidity and robust capitalisation.
As of 31 December 2017, the Group’s loan-to-deposit ratio stood at 74 per cent, whilst the capital adequacy ratio calculated in accordance with Basel III regulations is at 15.3 per cent. He added that the asset quality of the group remains to be high, with NPL ratio at 5.2 per cent, and credit provisions held against non-performing loans at 100 per cent, excluding the value of collaterals. Masri concluded by remarking that the encouraging results will continue to support the continuous improvement in the financial performance of the Group and its position in its markets.
