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Sun 2 Feb 2020 02:51 PM

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Arab Bank posts $846.5m in profit in 2019

Customer deposits also grew 6% to $2bn over 12-month period

Arab Bank posts $846.5m in profit in 2019

Arab Bank's revenues grew by 4.6 percent to $2.23bn, generated broadly from the group’s local and international network, with the latter constituting nearly 70 percent of total revenues.

Jordan-based Arab Bank ended 2019 with net income after tax of $846.5 million, a 3.2 percent increase over the $820.5m it posted in 2018, the bank announced on Sunday.

In a statement, Arab Bank reported that net income before tax grew to reach $1.15 billion, compared to $1.12bn in 2018. Equity reached $9.102bn, with a return on equity of 9.3 percent.

The statement added that the group’s net operating income grew by 5 percent, driven by growth in interest and fee income.

Credit facilities grew 1.2 percent to reach $26.1bn, while customer deposits increased by 6 percent – approximately $2bn – to reach $36.2bn.

At the same time, revenues grew by 4.6 percent to $2.23bn, generated broadly from the group’s local and international network, with the latter constituting nearly 70 percent of total revenues.

Total expenses recorded by the group fell 3 percent from 2018.

The 2019 financial statements are subject to the approval of the Central Bank of Jordan.

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