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Arab Bank Earns 371 Million Dollars in Net Profits - ASHARQ AL-AWSAT English Archive
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AMMAN (AFP) – Jordan-based Arab Bank, one of the largest in the Middle East, earned record net profits of almost 371 million dollars in 2006, a 31 percent rise over the previous year, the bank announced on Sunday.

Its general assembly approved “the bank’s financial statement for the year 2006, in which the bank made the highest net profit in its history of 263.3 million (370.8 million dollars),” it said in a statement.

This represents a growth of 31.6 percent over 2005, the bank added.

The bank also distributed 89 million dinars (125.3 million dollars) in cash dividends to shareholders, “representing a growth in profit of 66.7 percent over 2005”, the statement said.

The privately-owned Arab Bank was established in Jerusalem in 1930 and later moved its headquarters to Jordan. It has 400 branches and subsidiaries in 28 countries.