Arab Bank full year profit up 15%

Jordan's largest lender sees net profit rise to US$352m for the year

Arab Bank Group, Jordan's largest lender said full year profit increased 15 percent in 2012 from the previous year as net interest income grew.

The Amman-based bank said 2012 net profit increased to US$352m from US$305.9m the previous year, despite "a challenging political and economic environment," and a result of "prudent risk management policies," chairman Sabih Masri said in a statement.

Customer deposits increased 3.8 percent to US$32.9bn from the previous year, while the bank's net operating income grew 8 percent in 2012 as a result of an increase in net interest income and maintaining expenses under control, CEO Nemeh Sabbagh said.

The bank, which operates in more than 30 countries, had a 15.09 percent capital adequacy ratio at the end of the year, he said.

The bank's board will  recommend to the general assembly the distribution of 30 percent dividends for the year, up from 25 percent in 2011 and 20 percent in 2010, Masri said in a statement.

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