(Beirut October 22nd 2012) 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.
Commenting on these results, Mr. Nemeh Sabbagh, Arab Bank's CEO, said that the Group achieved net profit after tax and provisions of $484.5 million for the period ended 30 September 2012 compared to $428.8 million for the same period in 2011, as a result of growth in net interest income and operating income.
The financial results of Arab Bank Group show an increase in operating income of 7% to reach $1329.2 million as of 30 September 2012 as compared to $1245.9 million for the same period in 2011, while operating expenses grew by 5%. Customer deposits grew to $32.4 billion, while credit facilities reached $20.1 billion and total assets stood at $45.2 billion.
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.
-Ends-
About Arab Bank
Established in 1930, Arab Bank, the first private sector financial institution in the Arab world, is headquartered in Amman, Jordan. Arab Bank provides a wide range of financial products and services for individuals, corporations, government agencies and other financial institutions. The Bank's products and services are divided into three main divisions: Consumer Banking, Corporate and Institutional Banking and Treasury services.
In the first half of 2012, Arab Bank Group achieved net profits of USD 360.3 million; total assets equaled to USD 45.6 billion, while shareholders' equity reached USD 7.7 billion. Arab Bank has a global network of over 600 branches in 30 countries spanning five continents and locations in key financial markets and centers such as London, New York, Dubai, Singapore, Zurich, Paris, Frankfurt, Sydney and Bahrain. www.arabbank.com
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© Press Release 2012
