Banking on stability? Arab Bank posts 7% in profits
Jordan-based Arab Bank reported a 7 percent increase in first-half net profit, underpinned by growing revenues.
Arab Bank has been expanding across several Middle Eastern countries and has built a reputation for stability in a region shaken by conflict and political upheaval, partly thanks to diversified investments.
Its net profit after provisions was $414.9 million, against $387.3 million in the opening six months of 2013, an emailed statement said.
Net interest and commissions rose 3 percent and 7 percent respectively compared to the same period last year.
Chief Executive Nemeh Al-Sabbagh said the bank's capital adequacy ratio was 14.15 percent at the end of June.
Arab Bank also owns 40 percent of Saudi Arabia's Arab National Bank ANB.
- Big data: the world's next big natural resource?
- Will Hezbollah sanctions have an effect Lebanon’s banking sector?
- Why Saudi's latest announcement to open up the stock market to foreign investors is a good move
- Saudi expected to emerge as seventh largest capital market and it's a very big deal!
- Time for some serious contemplation: Middle East firms face $91bn refinancing needs