02 May 2012
AMMAN: The Arab Bank Group, one of the Arab world's largest banking institutions, said yesterday that it managed to raise its profits by 10 percent in the first quarter of the year despite the negative impact of the Arab Spring.
AMMAN: The Arab Bank Group, one of the Arab world's largest banking institutions, said yesterday that it managed to raise its profits by 10 percent in the first quarter of the year despite the negative impact of the Arab Spring.
The group, which operates in more than 30 countries, posted $205 million as quarterly profits compared with $186 million in the same period of 2011.
The group's Chairman Abdul Hamid Shoman attributed the jump in quarterly profits mainly to a growth in revenues and a retreat in provisions for the non-performing debts.
The balance sheet also reports a 2 per cent rise in the Arab Bank Group's assets, to $46.4 billion at the end of March from $45.6 billion a year earlier.
The group's total deposits also grew from $31.7 billion to $32.1 billion.
© Arab News 2012
