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Arab Bank profits rise by 7 percent in first half of 2014

July 16, 2014

AMMAN: Arab Bank Group net profit after tax and provisions during the first half of 2014 grew by 7 percent to $414.9 million from $387.3 million in the same period last year, according to a statement released Wednesday. Loans and advances also increased by 4 percent to reach $23.7 billion compared to $22.9 billion on June 30, 2013. Customer deposits grew by $1.7 billion to reach $34.4 billion compared to $ 32.7 billion for the same period last year, an increase of 5 percent. Commenting on the results, Sabih Masri, Arab Bank's chairman explained that these results reaffirm the bank's ability to continue its positive performance through prudent management and the better utilization of its resources. Nehmeh Sabbagh, Arab Bank's CEO said that the bank recorded an increase in net interest income and commissions of 3 percent and 7 percent respectively compared to the same period last year and that the bank continues to maintain comfortable liquidity ratios as a strategic goal.

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Source: Daily Star, The (Lebanon)

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