Arab Bank Group posts increased semi-annual profits
The Arab Bank Group, one of the Arab world's largest banking establishments, raised its net profits in the first six months of the year by 25.8 per cent compared with the same period of 2007 to 465.9 million dollars, the group's chairman Abdul Hamid Shoman said Saturday, dpa reported.
He attributed the jump in the group's semi annual profits mainly to the financing of projects in the oil-rich Gulf area and to the "effective administration" of assets.
Shoman also reported a 32-per-cent increase in the Arab Bank Group's assets at the end of June to 47.1 billion dollars from 35.7 billion dollars a year earlier.
He said that the shareholders' rights also jumped by 22.2 per cent on June 30 from a year earlier, to 7.7 billion dollars.
The Arab Bank Group operates worldwide through over 350 branches in 35 countries.