October 28, 2019 / 5:45 PM / 16 days ago

UPDATE 1-Jordan's Arab Bank Group 9-month net profit rises 4%

(Adds details, comments from bank officials)

AMMAN, Oct 28 (Reuters) - Jordan’s largest lender, Arab Bank Group, said on Monday its January-September net profit rose 4% to $668.9 million, driven by growth in core banking income.

Arab Bank Group’s net interest income rose by 5% as a result of higher yields, while loans rose 3% to $26.1 billion as of the end of September.

Deposits rose 4% to $34.7 billion compared with the same period last year, the statement showed.

The bank, one of the Middle East’s major financial institutions and owner of 40 percent of Saudi Arabia’s Arab National Bank ANB, gave no third-quarter figures.

Chairman Sabih al Masri said he expected the bank to continue to perform well due to its diversified operations and geographic spread with 600 branches across five continents that minimised risk.

CEO Nemeh Sabbagh said Arab Bank’s non-performing loans had “over 100 percent” provisions at the end of September. Liquidity continued to be robust with a capital adequacy ratio that stood at 16.1 percent. The loan-to-deposit ratio stood at 75.4 percent as of end of September. (Reporting by Suleiman Al-Khalidi; editing by David Evans)

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