Ammon News - AMMONNEWS - Arab Bank Group, Jordan's largest lender, has said its first-half net profit rose 2% year-on-year to 422.9mn, lifted by steady growth in its core activities. The bank, one of the Middle East's major financial institutions with a 46.4bn balance sheet, said customer deposits rose to 34.8bn from 34.4bn a year before.

Loans stood at 24.1bn at end of June, against 23.7bn a year before. Net operating income rose 4% to 590.8mn.

The bank, which posted a 15% rise in 2014 net profit to 577mn, said its diversified portfolio helped offset the impact of currency moves.

Chairman Sabih al-Masri said the first-half results reflected "the bank's progress in implementing a successful strategy of focusing on core banking activities as well as efficient asset allocation."

CEO Nemeh Sabbagh said liquidity continued to be robust with a loan-to-deposit ratio target of 62.5%.

Arab Bank, present in 30 countries in five continents, owns 40% of Saudi Arabia's Arab National Bank ANB.

*Gulf Times