Search Site

Trends banner

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Arab Bank Group Q1 net income $166m

Arab Bank Group is based in Amman.
  • The Group loan portfolio grew by 5 percent to reach $35.2 billion as of March 31, 2022 compared to $33.5 billion for Q1 2021.
  • Customer deposits grew by 3 percent to reach $47.3 billion compared to $45.8 billion for the same period last year.

Jordan’s Arab Bank Group has reported a net income of $166 million after tax for the first quarter of 2022 as compared to $128.3 million for the corresponding period previous year, recording an increase of 29.4 percent.

The Group loan portfolio grew by 5 percent to reach $35.2 billion as of March 31, 2022 compared to $33.5 billion for the same period last year, while customer deposits grew by 3 percent to reach $47.3 billion compared to $45.8 billion for the same period last year.

The increase in loans and deposits in most areas of operations are in line with the Bank’s sustainable growth strategy to expand and diversify its clients and deposit base, the groups said and added that it maintained its strong capital base with a total equity of $10.2 billion.

Randa Sadiq

Sabih Masri, Chairman of the Board of Directors said the results reflect the bank’s strong financial position and its ability to deliver sustainable performance.

Randa Sadik, Chief Executive Officer, said the results were driven by an increase in core banking income and a lower cost of risk, highlighting that the bank’s net interest and commission income increased by 6.3 percent compared to prior period, despite ongoing market volatilities.