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Arab Bank Group 2012 net profits increase by 15%

Jordan-based Arab Bank Group has registered a 15% increase in its net profit after tax for the financial year 2012, which stood at $352m, compared to $305.9m during the same period earlier year.

Commenting on the financial result, Arab Bank Group board of directors chairman Sabih Masri said the board of directors will recommend to the general assembly to distribute dividends of 30% for 2012 as compared to 25% in 2011 and 20% in 2010.

Arab Bank chief executive officer Nemeh Sabbagh said that the bank’s net operating income during the year rose by 8%, due to a healthy increase in net interest income and maintaining expenses under control.

The bank’s capital adequacy ratio stood at 15.09%, the lender said.

Headquartered in Amman, Jordan, the Arab Bank manages a network of 600 branches spreading across 30 nations in five continents.

Operating in key financial markets and centers including London, New York, Dubai, Singapore, Zurich, Paris, Frankfurt, Sydney and Bahrain, the bank provides consumer banking, corporate and institutional banking (CIB), and treasury, to individuals, corporations, government agencies.