13% increase in Arab Bank Group net profit
- Jordan: Sunday, October 21 - 2012 at 15:59
- PRESS RELEASE
Arab Bank Group announced its financial results for the nine months period ended 30 September 2012 with a growth in net profit of 13% as compared to the same period in 2011.
The financial results of Arab Bank Group show an increase in operating income of 7% to reach $1329.2m as of 30 September 2012 as compared to $1245.9m for the same period in 2011, while operating expenses grew by 5%. Customer deposits grew to $32.4bn, while credit facilities reached $20.1bn and total assets stood at $45.2bn.
Mr. Sabih Masri, Chairman of Arab Bank, said he was pleased with these positive results at a time when a number of countries in the region are facing a challenging environment and the world economy is slowing down.
Mr. Masri highlighted that the bank's underlying strength is its ability to take advantage of its diversified global network in 30 countries worldwide. Mr. Masri added that the financial results of Arab Bank Group reflect customer confidence in the underlying strength of the Bank.
The Group continues to maintain a high quality loan portfolio thanks to its prudent policies and a high capital adequacy ratio which stands at 14.73% far exceeding the 8% minimum required by the Basel Committee and higher than the minimum required by the Central Bank of Jordan of 12%. Liquidity remains strong as reflected in the loan deposit ratio of 62% as of 30 September 2012.
Fitch affirmed on July 25, 2012 the rating of Arab Bank at A- with a Stable Outlook.
Mr. Sabih Masri concluded by expressing his confidence in the Bank's future growth prospects and reiterated the bank's commitment to its core values of conservative and prudent policies which are the cornerstone of the Arab Bank.
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