Arab Bank, Jordan's biggest lender, reported a 26 per cent rise in net income for the first nine months of 2021, amid an increase in customer loans.
Net profit after tax rose to $271.7 million, compared to $215.2m in the same period last year, Arab Bank said in a statement on Saturday.
The “solid results” underscore the bank’s strategy to maintain sustainable growth despite a “challenging environment” and its continued focus on its digital transformation strategy, Sabih Masri, chairman of the board of directors, said.
Banks across the world have faced a tougher operating environment amid pandemic-driven headwinds that tipped the global economy into its worst recession since the 1930s.
Historically low interest rates have also made it difficult to boost profits. However, the global economy has bounced back this year, easing pressure on lenders' profitability.
Jordan's economy is forecast to grow 2 per cent this year – little changed from 2020 – as the gradual return of tourists, Covid-19 vaccination efforts and rising global demand support a rebound in the second half of 2021, the International Monetary Fund said.
Arab Bank, which has more than 600 branches across five continents, grew its loan book by 28 per cent to $34.1 billion in the first nine months of 2021, while its customer deposits rose 24 per cent to reach $46.6bn.
It attributed the growth in part to the consolidation of the financial statements of Oman Arab Bank under its accounts in the first quarter of 2021. The consolidation of Oman Arab Bank “materially” increased customer deposits and loans by $7bn and $7.5bn, respectively.
Arab Bank's net operating income increased by 6 per cent to reach $856.9m.
The group has a “strong” capital base with a loan to deposit ratio of 73.1 per cent, equity of $10.4bn, and a capital adequacy ratio of 16.8 per cent, Nemeh Sabbagh, the bank's chief executive, said.
It continues to hold credit provisions against non-performing loans of more than 100 per cent, he added.
Arab Bank said it launched Reflect, the first neobank in Jordan, which provides “a branchless experience to millennials” through a single banking app.
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How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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RESULTS
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Overall head-to-head
Federer 6-1 Cilic
Head-to-head at Wimbledon
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Grand Slams titles
Federer 18-1 Cilic
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Federer: Winner (2003, 2004, 2005, 2006, 2007, 2009, 2012)
Cilic: Final (2017*)
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Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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The National in Davos
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APPLE IPAD MINI (A17 PRO)
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MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
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Founded: 2018
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Sector: Startups
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Profile of Foodics
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Sector: Software
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UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
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