Dubai: Jordan’s biggest lender Arab Bank reported a 38 per cent increase in net income to $252 million in the first-half of 2022.
The bank’s loan portfolio grew by 6 per cent to reach $35.7 billion as of June 30, 2022 compared to $33.8 billion for the same period last year.
Customer deposits grew by 2 per cent to reach $47.1 billion compared to $46 billion for the same period last year. “The increase in loans and deposits in most areas of operations are in line with the bank’s sustainable growth strategy to expand and diversify its clients, loans and deposit base,” the bank said in a statement.
The lender maintained its strong capital base with a total equity of $10.2 billion.
Randa Sadik, CEO of Arab Bank, said, “The underlying performance of the Group continues on its growth path with 6 per cent growth in net operating income across the bank’s lines of business driven by improvement in both net interest income and commission income by 4 per cent and 17 per cent, respectively, and well controlled Group underlying operating expenses.”
The Group’s liquidity remains strong where loan-to-deposit ratio stood at 75.9 per cent and asset quality remains high with credit provisions held against non-performing loans continue to exceed 100 per cent.
Last year, the bank launched Reflect, the first neobank in Jordan, which provides branchless services to millennials through its app.