Jordan-based Arab Bank posts record quarterly profit of $466m

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.