Arab Bank Group 9-month net profit rises 55% to $630.3 million
During the first nine months of 2023, loans rose 4% to $36.3b; deposits grew 5% to $49b
Arab Bank, Jordan's biggest lender, posted a 55.3 per cent rise in net profit to $630.3 million for the first nine months of 2023, with its profit growth aided by increased loans and deposits year-on-year.
With key indicators remaining strong where loan-to-deposit ratio stood at 74 per cent, and capital adequacy ratio of 16.9 per cent, the lender maintained its capital base with a total equity of $10.8 billion.
Excluding the impact of devaluation of currencies, the group said its loans grew 4 per cent to $36.3 billion, while deposits rose 5 per cent to $49 billion.
CEO Randa Sadik said the bank succeeded in delivering continued growth through its operating entities and across different segments.
Sadik said the group continues to benefit from the diversified business model and its risk strategy with key indicators remaining strong where loan-to-deposit ratio stood at 74 per cent, and credit provisions held against non-performing loans continue to exceed 100 per cent, and capital adequacy ratio of 16.9 per cent.
Sabih Masri, chairman of the board of directors, said the results underscore the bank’s success in pursuing its growth strategy, despite the challenging environment.