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FinancialNews
28-04-19
Jordan: Arab Bank hits USD231.8m in net profit
(MENAFN) Jordan's Arab Bank Group recorded a 5.2 percent boost in its income from January to March 2019 after enjoying development in core banking profit and reduced provisions.
In a statement, the biggest lender in Jordan revealed that it stood at USD231.8 million in its net profit for the first quarter of this year, compared to the USD220.3 million generated during the same period in 2018.
Nemeh Sabbagh, chief executive of the Jordanian lender, confirmed "the underlying performance of the group continues on its growth path with first-quarter results recording a healthy increase in net operating income."
Sabbagh added "the strong performance was driven by growth in core banking income with net interest income increasing by 7 per cent as well as by lower provisions."
Meanwhile, the lender hit USD25.8 billion in its customer loans while reaching USD33.7 billion in its deposits while yielding USD8.5 billion in its group equity.
MENAFN2804201900450000ID1098446925
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