Arab Bank reports record net profits
Jordan-based Arab Bank, one of the largest in the Arab world, earned record net profits of almost US$371 million last year, a 31 percent increase over the previous year, the bank announced on Sunday.
Its general assembly approved "the bank's financial statement for the year 2006, in which the bank made the highest net profit in its history of JD263.3 million (US$370.8 million)," it said in a statement, cited by AFP. This figure reflects a growth of 31.6 percent over 2005, the bank added.
The bank also distributed JD89 million (US$125.3 million) in cash dividends to shareholders, "representing a growth in profit of 66.7 percent over 2005", the statement said.
The privately-owned Arab Bank was established in Jerusalem in 1930 and later moved its headquarters to Jordan.