Arab Bank posts $241 million in net profits for 2000
The chairman of Amman-based Arab Bank PLC, Abdel Mejid Shomane, announced on Saturday, March 31, that the bank’s net profits rose 6.9 percent reaching $241.2 million in 2000, relative to $225.6 million in 1999.
The bank’s assets rose above the $20 billion for the first time—amounting to $21.3 billion—and deposits increased 10.7 percent to $14.9 billion. The chairman said the results were achieved despite "the difficult political situation in the Palestinian territories, affecting the Palestinian economy and, consequently, that of Jordan." On the other hand, rising oil prices had a positive effect on the economy of Gulf countries, which in turn positively affected the banking activities in those countries.
Arab Bank was founded in 1930, and operates branches throughout the Arab world, Europe and the United States. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)