Profits «Arab Bank» grow 20% last year .. and recorded $ 533 million
Jordan’s Arab Bank Group’s earnings rose 20% last year to a record $ 533 million instead of $ 442 million in 2015.
A statement issued by the Group: The profit before tax amounted to 791 million dollars, and recommended the Board of Directors of Arab Bank to distribute cash dividends to shareholders by 30% for the year ended.
He added that the total credit facilities of the Group amounted to $ 23.7 billion, and customer deposits of 33.6 billion dollars by the end of 2016. Excluding the impact of the change in exchange rates, the credit facilities portfolio increased by 6% and customer deposits increased by 3% compared to the year rose before last.
According to the statement, Masri Chairman of the Board of Directors of the Bank, said the financial results achieved by the Bank in the past year confirms the success of the strategy, which was adopted and implemented by the bank, which led to the strengthening of the power of its capital base, and reflect the continuation of the bank for his outstanding performance despite the work environment which is witnessing increasingly competitive.
The statement said that Masri expressed confidence in the bank’s ability to achieve its strategic aspirations and implement his vision ambitious in order to achieve the best results by stimulating investment, strengthen risk management, and expand financing and banking activities as the base to ensure the diversification of sources of income and to maintain the pace of rising performance to reflect a regional leader and a global bank status.
He said a blessing pigment, Executive General Manager of Arab Bank: «The bank was able to achieve growth in profits through efficient Tozivath and diversity of its products and services banking, which contributed to increased operating profits, and that positive growth rates showed thanks to growth in net interest and commission income from banking business Home ».
Sabbagh added that the bank maintained the quality of its assets and the coverage ratio of non-performing debt by more than 100%, not counting the value of the collateral, and maintained a high liquidity ratio, and total loans to deposits ratio of 70.4%.
The Executive Director of the bank that the group continued to make the necessary efforts to Tazizumahafezh on the strength of its financial position in addition to effective risk management, capital adequacy ratio as «Basel 3» Help 15.7%