02 August 2010
AMMAN: The Arab Bank Group, one of the Arab world's largest banking establishments, posted $303 million as net profits in the first six months of the year, the group's chairman Abdul Hamid Shoman announced Sunday.
AMMAN: The Arab Bank Group, one of the Arab world's largest banking establishments, posted $303 million as net profits in the first six months of the year, the group's chairman Abdul Hamid Shoman announced Sunday.
The figure represents a 11.8 percent decline in the group's after tax profits compared with $343 million as net profits in the first half of 2009, he added.
Shoman attributed the retreating profits mainly to the increasing allocations to cover inoperative debts, the decline of interest rates on the dollar and other major currencies and the falling demand for facilities.
He put the group's total assets at $48.9 billion at the end of June, compared with $50.6 billion at the end of 2009, or 3.4 percent decline due to the falling exchange rates of currencies versus the US dollar.
The Arab Bank Group has 500 branches spanning 30 countries in five continents.
By Abdul Jalil Mustafa
© Arab News 2010
