Jordan’s Arab Bank registers 38 percent surge in January-June net income to USD252m

2022-07-31 03:01:32

(MENAFN) Arab Bank, Jordan’s main lender, recorded a 38 percent rise in January-June period net profit of USD252 million against USD182.4 million for the same months in 2021 after a rise in loans, deposits, net interest as well as commission income.

The lender’s loan portfolio increased by 6 percent to amount to USD35.7 billion as of June 30 in comparison with USD33.8 billion for the same span of time in 2021, it stated on Saturday.

The bank stated that customer credits surged 2 percent to amount to USD47.1 billion, in comparison with USD46 billion for the January-June period in 2021.

The outcomes show that the bank’s “prudent operating policies and strong financial position, despite a challenging economic environment”, according to Sabih Masri, chairman of the board of directors.

The worldwide economy has weakened in the April-June period of 2022 as high inflation has enforced most central banks to aggressively increase interest rates.

Market volatility after the ongoing war in Ukraine, supply chain disruptions, the decelerating Chinese economy as well as peak energy costs have added to international headwinds.

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