Arab Bank, Jordan's biggest lender, reported a 61 per cent surge in its 2021 net profit, as net interest and commission income rose amid continued economic recovery.
Net income after tax jumped to $314.5 million from $195m in 2020, despite pandemic-driven uncertainties, the lender said on Sunday.
“The year 2021 showed a partial recovery of the economic environment, which the bank benefited from” Nemeh Sabbagh, Arab Bank chief executive, said.
The bank recorded a 15 per cent growth in net interest and commission income, with net operating income increasing 8 per cent to reach $1.11 billion.
“The group enjoys high liquidity and a strong capital base with a loan to deposit ratio of 73.4 per cent and a capital adequacy ratio of 16.5 per cent, Mr Sabbagh said.
“The group continues to hold credit provisions against non-performing loans in excess of 100 per cent.”
Banks across the world faced a tougher operating environment amid continued pandemic-driven uncertainties last year. However, the outlook is improving amid as global economic continues to recovery from its worst recession since the 1930s.
Historically low interest rates have made it difficult to boost profits, but central banks across the globe are looking to tighten accommodative monetary policies and raise interest rate to combat inflation, boosting prospects of a further improvement in banks’ net interest income and profitability.
Arab Bank’s 2021 “underlying performance reflects its strategic directive in dealing with the challenging and changing operating environment and its prudent operating policies of maintaining strong liquidity and healthy capital positions”, Sabih Masri, Arab Bank chairman, said.
The lender, which has more than 600 branches across five continents, consolidated the financial statements of Oman Arab Bank under its group accounts, which increased total assets by $8.4bn to reach $63.8bn, compared to $54.4bn for the same period last year.
Customer deposits grew 22 per cent year on year to reach $47.1bn, while loans grew 30 per cent to $34.6bn.
“The consolidation of Oman Arab Bank has materially increased customer deposits and loans by $7.3bn and $7.5bn, respectively,” the bank said.
The bank’s group equity grew to $10.3bn and its board recommended a 20 per cent cash dividends for the 2021 financial year.
Arab Bank remains committed to its digital transformation drive, which is an “integral part” of its growth strategy, it said on Sunday.
Last year, the bank launched Reflect, the first neobank in Jordan, which provides branchless services to millennials through its app.
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Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
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RESULT
Bayern Munich 0 AC Milan 4
Milan: Kessie (14'), Cutrone (25', 43'), Calhanoglu (85')
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Elina Svitolina (UKR) [3] v Jennifer Brady (USA)
Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]
Not before 7pm:
Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)
Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]
Court One
Starting at midday:
Karolina Muchova (CZE) v Katerina Siniakova (CZE)
Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)
Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)
Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)
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Director: Joseph Kosinski
Rating: 4/5
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Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
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Barbie
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The specs
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- Power: 640hp
- Torque: 760nm
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- Price: Not announced yet
JERSEY INFO
Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
Black Jersey
Intermediate Sprint Classification: worn daily, starting from Stage 2, by the rider who has gained the most Intermediate Sprint Points.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
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- DLD registration fee can be paid through banks or credit cards at zero interest rates
