(Updates with details)
AMMAN May 1 Arab Bank Group, Jordan's
largest lender, on Monday reported a first-quarter net profit of
$218.2 million, little changed from $218.3 million a year
Its loan book and overall operations grew despite exchange
rate fluctuations, the bank said in a statement.
Total loans were up 3 percent to $24.4 billion as of the end
of March, while deposits were unchanged at $33 billion.
One of the Middle East's major financial institutions, Arab
Bank operates in 30 countries on five continents, and owns 40
percent of Saudi Arabia's Arab National Bank ANB.
Chairman Sabih al-Masri said the first-quarter results
reflected "the bank's well-diversified activities and sources of
income," alongside its geographical spread.
CEO Nemeh Sabbagh said the bank's non-performing loans had
"over 100 percent coverage" at the end of March. Liquidity
continued to be robust with a loan-to-deposit ratio of 68.4
(Reporting by Suleiman Al-Khalidi; editing by Louise Heavens
and Jason Neely)