Dubai: Jordan’s Arab Bank Group announced 4 per cent growth in net profit for the first half of 2019, reaching $453 million (Dh1.66 billion). Total loans increased by 3 per cent to reach $26.2, and deposits increased by 3 per cent to reach $34.1 billion. Group equity stood at $8.7 billion.
Sabih Masri, chairman of the board of directors, commented that despite the continued slowdown of economic growth in the region, the group continues to deliver strong financial performance.
Nemeh Sabbagh, chief executive officer, stated that the underlying performance of the group continues on its growth path with first half results recording a healthy increase of 5 per cent in net operating income. He added that the strong performance was driven by growth in core banking income with net interest income increasing by 5 per cent.
Sabbagh said that Arab Bank Group enjoys high liquidity and strong and robust capitalisation. Group’s capital adequacy ratio stood at 15.8 per cent and loan to deposit ratio at 76.9 per cent as of June 30, 2019. He added that the asset quality of the Group remains high and that credit provisions held against non-performing loans exceed 100 per cent.