|
|
Article: United Arab Emirates: Arab Bank 9-month profit down on bad loans.
- Article from:
- TendersInfo
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: babalu03
Arab Bank's net profit fell 25 percent in the nine months to September after it increased its bad loan provisions in the third quarter, according to financial statements seen by Reuters.
The statements still need final approval from the Central Bank of Jordan before they are released.
Most Jordanian banks are setting aside higher provisions to cover possible defaults and non-performing loans by businesses and real-estate firms reeling from the impact of the global downturn on the aid-dependent economy.
Arab Bank, one of the Middle East's major financial institutions, put aside $54.6 million in provisions for ...