Arab Bank reported a 13 per cent decline in net income during the first quarter amid a "challenging economic environment" compared to the pre-pandemic period last year, the chairman of Jordan's biggest lender said.
Net profit after tax fell to $128.3 million in the first three months of 2021, compared to $147.6m in the same period last year, Arab Bank said in a statement on Saturday. The company blamed a decrease in operating revenue on lower interest rates and a higher cost of risk.
The first quarter results reflect the bank’s "resilient performance in this challenging economic environment, as compared to the pre-Covid normal operating environment which prevailed in the first quarter of the last year," Sabih Masri, chairman of the board of directors at Arab Bank, said.
Banks across the world are facing tougher operating environments, with historically low interest rates making it more difficult to earn profits. Lenders have also had to make higher provisions in anticipation of potential loan losses from struggling customers.
Arab Bank, which has 600 branches across five continents, grew its loan book by 28 per cent to $33.5 billion in the first quarter while its customer deposits grew by 30 per cent to $45.8bn.
This growth was due in part to the consolidation of the financial statements of Oman Arab Bank under its accounts in the first quarter of 2021, it said. Oman Arab Bank recently finalised the acquisition of Al Izz Islamic Bank, an Islamic lender in Oman, in line with Arab Bank’s strategy to reinforce its business in the Gulf region, according to the statement.
The consolidation "materially increased" the size of the group's balance sheet during this period, with total assets increasing by $8.1bn and loans and deposits each increasing by $7.1bn, according to the statement.
Mr. Masri said he was optimistic about future economic prospects, noting that the high pace of vaccination programmes in countries around the world will lead to the gradual recovery of regional and global economies.
The bank maintained a "strong" capital base with equity of $10bn, capital adequacy of 16.4 per cent, and a loan-to-deposit ratio of 73.1 per cent, Nemeh Sabbagh, chief executive of Arab Bank, said.
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
RIDE%20ON
%3Cp%3EDirector%3A%20Larry%20Yang%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Jackie%20Chan%2C%20Liu%20Haocun%2C%20Kevin%20Guo%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
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
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE Tour 2020
Stage 1: The Pointe Palm Jumeirah - Dubai Silicon Oasis, 148km
Stage 2: Hatta - Hatta Dam, 168km
Stage 3: Al Qudra Cycle Track - Jebel Hafeet, 184km
Stage 4: Zabeel Park - Dubai City Walk, 173km
Stage 5: Al Ain - Jebel Hafeet, 162km
Stage 6: Al Ruwais - Al Mirfa, 158km
Stage 7: Al Maryah Island - Abu Dhabi Breakwater, 127km
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
COMPANY%20PROFILE
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
