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$205m profit for Arab Bank.

MANAMA: Jordan-based Arab Bank Group saw net profit after taxes and provisions for the first quarter of 2013 reach $205.1 million, compared to $204.4m in the first quarter of last year.

Net adjusted operating income, excluding one off mark to market effects, grew by seven per cent compared to the same period of last year, reflecting the robust performance of the bank despite the challenging environment in the region.

The growth in net operating income came as a result of an increase in net interest income and good control over operating expenses which decreased compared to March 31, according to the bank's chairman Sabih Masri.

He said these financial results show an improvement in the group's performance as its efficiency ratio, operating expenses to operating revenue, improved from 40pc last year to 38.9pc this year.

"The bank remains committed to its prudent credit policies and that loan provisions decreased by 35pc from those set aside last year," said chief executive Nemeh Sabbagh.

"The bank's provisions coverage for non performing loans stood at a healthy 115pc, excluding the value of collaterals held."

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Aug 7, 2013
Words:199
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