⁍ Jordan’s largest lender, Arab Bank Group, reported a 66% year-on-year drop in first-half net profit to $152.1 million.
⁍ Its revenues were hit by the impact of the COVID-19 pandemic on the regional and global economies.
⁍ Arab Bank operates in 30 countries on five continents.
– Jordan’s largest lender, Arab Bank Group, reported a 66% year-on-year drop in first-half net profit to $152.1 million, saying its revenues were hit by the impact of the COVID-19 pandemic on the regional and global economies, reports Reuters. The bank, one of the Middle East’s major financial institutions, also said on Saturday that total loans rose 2% to $26.7 billion as of the end of June, while deposits climbed 5% to $35.9 billion. Group equity stood at $9.2 billion, it said. Lower interest rates and weakening oil prices hurt revenues, it said. Chairman Sabih al Masri said that while the impact of the pandemic was unprecedented, the bank was helped by a diversified presence in many markets.
Source: https://www.reuters.com/article/arab-bank-jo-results/update-1-jordans-arab-bank-group-h1-net-profits-drop-66-to-1521-mln-idUSL5N2EW0DD