( dpa ) - The Arab Bank Group managed to increase its net profit by 24.1 per cent in 2007 to a record 775 million dollars from 624.6 million dollars in 2006, the group's chairman Abdul Hamid Shoman announced Saturday.
Shoman put the banking conglomerate's pre-tax profits at about 1 billion dollars compared with 851 million dollars in 2006.
Arab Bank Group assets grew by 18.1 per cent in 2007, to 38.3 billion dollars.
The group is one of the Arab world's largest banking establishments, with over 350 branches in 35 countries worldwide.
The net profit of the Arab Bank PLC, a Jordanian shareholding company, also grew by 27.1 per cent in 2007, to 334.7 million dinars (473 million dollars) from 263.3 million dinars the previous year, he said.
He attributed the record results to "the sophisticated banking policies pursued by the bank, particularly the diversification of investments and the development of operations."
The bank's board of directors had recommended the payment of a 30 per-cent dividend to shareholders, who are due to meet on March 28, Shoman said.