Arab Bank records $250.6 million net profits in 2001
The Amman-based Arab Bank Group recorded $250.6 million in net profits in 2001, its highest earnings ever after taxes. This constitutes a four percent annual rise from the $241.1 million net profit the group earned in 2000, reported Al Rai.
The kingdom’s largest financial institution and one of the leading banks in the region, the Arab Bank assets amounted to $29 billion in 2001, according to a bank official quoted by the Jordan Times.
The Arab Bank was established in 1930 and operates a branch network throughout the Middle East, Europe and Asia. Arab Bank entities in Europe comprise the majority share of total assets, loan portfolio, deposits and revenue while the Arab countries are now second.
Arab Bank Switzerland is a sister company wholly owned by the shareholders of Arab Bank while Arab Bank AG Frankfurt, Arab Bank Australia, Arab Bank Austria, and Islamic International Arab Bank are all wholly owned subsidiaries.
The Bank also has a 64.24 percent share in Arab Tunisian Bank, a 55 percent share in the Arab Investment Bank and a 30-50 percent share in associated companies in Oman, Saudi Arabia and Lebanon. — (menareport.com)
© 2002 Mena Report (www.menareport.com)