Arab Bank Group posts $241 net profits for 2000
The Arab Bank Group, one of the largest banks in the Arab world, declared net profits of $241.2 million in 2000, up 6.9 percent over 1999 results.
Total assets grew 8.45 percent to $21.31 billion, while customer deposits rose 10.7 percent to 14.9 billion. The bank’s loan portfolio increased 2.6 percent to $8.79 billion and shareholder equity rose 8.9 percent to $2.07 billion.
Atlas Investment Group attributed the increase in net income primarily to a rise in the Group’s net interest margin, lower provisions expense, and better performance in foreign exchange activities.
Furthermore, the Group benefited from its wide geographical diversification, with only one fifth of its earnings coming from activity within Jordan. — ( Lebanon Invest )
© 2001 Mena Report (www.menareport.com)