Arab Bank Chairman and CEO Abdul Hamid Shoman said Tuesday that Arab Bank enjoys a strong and sound
financial and credit position and the global financial crisis has not affected its performance, the Jordan Times reported on Wednesday.
Arab Bank Plc.'s profits during the first three quarters this year amounted to about 518.9 million U.S. dollars, an increase of nearly 16 percent compared with the same period last year, said Shoman.
The Arab Bank Group, the chairman added, registered a net profit before taxes of 843.2 million dollars in the first nine months of 2008, an increase of 18 percent from the 714.4 million dollars in the same span last year.
Shoman said the group maintains a liquidity ratio that is considered the highest among working banks at the regional and international levels.
Shoman added the impact of the global financial crisis on the institution is only restricted to Arab Bank's participation in corporate bonds issued by Lehman Brothers, where Arab Bank's share stood at a total volume of 20 million U.S. dollars.
As a preemptive measure, the bank took full allocations for the whole volume with a special refund ratio that amounted to 40 percent of the total amount.
A financial crisis has swept the famed Wall Street as Wachovia Corp., Merrill Lynch & Co., Bear Stearn Co., Washington Mutual Inc. and Lehman Brothers Holdings Inc. all fell due to bad mortgage investments.
Source:Xinhua
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