Arab Bank, Jordan’s biggest lender, reported a 29.4 per cent surge in its first quarter net profit amid an increase in core banking income, loans and customer deposits.
Net income after tax jumped to $166 million compared with $128.3m for the same period last year, despite market volatility, the lender said in a statement.
The results reflect the bank’s “strong financial position and its ability to deliver sustainable performance, while prudently managing regional and global developments”, Sabih Masri, chairman of the board of directors, said.
Banks across the world faced a tougher operating environment amid continued pandemic-driven uncertainties last year. However, the outlook is improving as global economic conditions continue to recover 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 increase rates to combat inflation, boosting prospects of a further improvement in banks’ net interest income and profitability.
The International Monetary Fund approved the disbursement of $335.2m to Jordan in January this year, bringing its total pay-out to the kingdom since the start of 2020 to about $1.23 billion.
Jordan’s economy is forecast to grow 2.7 per cent this year and expand 3.1 per cent in 2023, from 2 per cent in 2021, as a nascent recovery is under way, the IMF said in its January report.
Arab Bank, which has more than 600 branches across five continents, recorded a 6.3 per cent growth in net interest and commission income compared with the corresponding period in 2021.
The lender enjoys high liquidity and a strong capital base with a loan-to-deposit ratio of 74.3 per cent and a capital adequacy ratio of 16.5 per cent, Randa Sadik, chief executive of Arab Bank, said.
The group holds credit provisions against non-performing loans in excess of 100 per cent, she added.
Customer deposits grew 3 per cent to reach $47.3bn, compared with $45.8bn for the same period last year.
Meanwhile, the lender’s loan portfolio grew 5 per cent to reach $35.2bn in the three months to March, compared with $33.5bn for the same period last year.
The group maintained its strong capital base with a total equity of $10.2bn.
Last year, the bank launched Reflect, the first neobank in Jordan, which provides branchless services to millennials through its app.
Studying addiction
This month, Dubai Medical College launched the Middle East’s first master's programme in addiction science.
Together with the Erada Centre for Treatment and Rehabilitation, the college offers a two-year master’s course as well as a one-year diploma in the same subject.
The move was announced earlier this year and is part of a new drive to combat drug abuse and increase the region’s capacity for treating drug addiction.
The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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UAE currency: the story behind the money in your pockets
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Engine: naturally aspirated 6.5-liter V12
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Transmission: Eight-speed automatic
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Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
Sholto Byrnes on Myanmar politics
UAE's final round of matches
- Sep 1, 2016 Beat Japan 2-1 (away)
- Sep 6, 2016 Lost to Australia 1-0 (home)
- Oct 6, 2016 Beat Thailand 3-1 (home)
- Oct 11, 2016 Lost to Saudi Arabia 3-0 (away)
- Nov 15, 2016 Beat Iraq 2-0 (home)
- Mar 23, 2017 Lost to Japan 2-0 (home)
- Mar 28, 2017 Lost to Australia 2-0 (away)
- June 13, 2017 Drew 1-1 with Thailand (away)
- Aug 29, 2017 v Saudi Arabia (home)
- Sep 5, 2017 v Iraq (away)
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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FIXTURES
All times UAE ( 4 GMT)
Friday
Saint-Etienne v Montpellier (10.45pm)
Saturday
Monaco v Caen (7pm)
Amiens v Bordeaux (10pm)
Angers v Toulouse (10pm)
Metz v Dijon (10pm)
Nantes v Guingamp (10pm)
Rennes v Lille (10pm)
Sunday
Nice v Strasbourg (5pm)
Troyes v Lyon (7pm)
Marseille v Paris Saint-Germain (11pm)
