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.
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.
