Jordan's Arab Bank Group Q1-2024 profits grow by 17% to $252.8 million
At constant currency, the group's loans increased by 7 per cent to $37.1 billion
Arab Bank Group, Jordan's biggest lender, reported solid results for the first quarter of 2024. Net income after tax increased 17 per cent to $252.8 million, compared to $216.3 million for the same period last year. The Group maintained its strong capital base, with a total equity of $11.3 billion.
At constant currency, the Group's loans increased by 7 per cent to $37.1 billion, and deposits increased by 6 per cent to $49.8 billion.
CEO Randa Sadik said that the bank delivered robust results during the first quarter of 2024, where the bank's net operating profit grew by 10 per cent, driven by an increase in core banking income across various sectors and markets, with a clear focus on enhancing non-interest income contribution and revenue diversification.
Sadik added that the Group's liquidity and asset quality remain solid. The loan-to-deposit ratio stood at 74.5 per cent, and credit provisions against non-performing loans continue to exceed 100 per cent. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity, with a capital adequacy ratio of 17.8 per cent.
Sabih Masri, chairman of the board of directors, said that the first quarter 2024 performance was strong despite the challenging environment for banks globally and regionally.