AMMAN: Jordan's largest lender, Arab Bank Group, reported on Saturday a 66 per cent year-on-year drop in first-half net profit to US$152.1 million as it set aside more money to cope with the economic fallout of the COVID-19 pandemic.
Arab Bank, one of the Middle East's major financial institutions, also said on Saturday that total loans rose 2 per cent to US$26.7 billion as of the end of June, while deposits climbed 5 per cent to US$35.9 billion. Group equity stood at US$9.2 billion, 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.
Sabbagh said liquidity continued to be high, with a loan-to-deposit ratio of 74.4 per cent as of the end of June. The bank’s provisions coverage ratio for non-performing loans continued to be in excess of 100 per cent.
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