May 02 2012 |
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Arab Bank Group's profit increase by 10% to $205m during first quarter
AMMAN -- Arab Bank Group 's profit grew during the first quarter of this year by 10 per cent, amounting to $205 million compared with $186 million during the same period of 2011, according to a bank statement. The increase was the result of a growth in the net interest rates and commissions, coupled with an increase in profit from the bank's financial assets, besides a drop in the bank's provisions for credit facilities, Arab Bank Chairman Abdul Hamid Shoman explained.According to the bank's quarterly results, the bank's assets rose to $46.4 billion at the end of March this year from $45.6 billion at the end of December 2011. Clients' deposits also went up to $32.1 billion from $31.7 billion, the figure recorded in the first quarter of 2011. Chief Executive Officer Nemeh Sabbagh said the group continued to boost the soundness of its financial position and its effective risk management as its capital adequacy ratio reached14.95 per cent, higher than the 12 per cent minimum required by the Central Bank of Jordan and the 8 per cent minimum required by the Basel Committee.
© Jordan Times 2012
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