Jordan's Arab Bank says Q3 net profit rose 22.4%

Country's largest lender says net profit up to US$124m due to higher net interest earnings
By Massoud A. Derhally
Mon 22 Oct 2012 12:09 PM

Arab Bank, the largest lender in Jordan, said its third quarter net profit rose 22.4 percent due to higher net interest earnings and operating income.

In a regulatory filing to the Amman Stock Exchange, the lender said it had a net profit of US$124m in the quarter ending September 30 compared to US$101m in the year earlier period.

Net profit for the first nine months of the year increased 13 percent to US$484.5m from US$428.8m as operating income grew 7 percent .

Customer deposits grew to US$32.4bn, while credit facilities reached US$20.1bn and total assets fell 1 percent to US$45.2bn it said.

In August, Abdel Hamid Shoman stepped down as chairman of the bank, founded by his family in 1930, due to differences over management of the institution with board members and bank executives. Shoman was replaced by Sabih Masri.

About 20 percent  of the bank is owned by the family of Lebanon's former prime minister, Rafiq Hariri, assassinated in 2005, while Jordan's social pension fund holds a 15.5 percent stake, Saudi Arabia's government has a 4.5 percent share and Qatar 1.65 percent.

The bank has more than 500 branches and operates in 30 countries.  

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