The Arab Bank Group's profits rose in the first nine months of the current year by 8.6 percent compared to the same period of 1999, a bank statement said on Sunday, October 29.
A statement, published in local Arabic dailies, showed that the Arab Bank's profits increased to $216.8 million this year compared to $199.6 million in the previous year.
The statement said the bank's income from interest and commissions by the end of September had risen to $452.7 million compared to $423.7 million in the same period of 1999.
A rise in the interest income was achieved despite an earlier decision by the Central Bank of Jordan to reduce interest rates in the Kingdom, the statement said.
The statement quoted Chairman of the Arab Bank's Board of Directors Abdul Majeed Shoman as saying that the bank's total budget jumped to $28.2 billion, up from $26.1 billion in the same period of 1999.
The bank's credit facilities rose to $8.6 billion compared to $8.2 billion in the first months of 1999, Shoman said.
The banker said in the written statement that his bank's assets amounted to $20.9 billion compared to $19.1 billion.
The bank's deposits in the first nine months of this year rose to $14.8 billion compared to $12.3 billion in the same period of 1999, the statement said.
The Arab Bank, which was founded by Abdul Hameed Shoman in Palestine in 1930, is the oldest bank in the Kingdom.
The bank's group owns branches in more than 44 countries in Asia, Africa, Europe, North America and Latin America. — ( Jordan Times )
By Tareq Ayyoub
© 2000 Mena Report (www.menareport.com )