AMMAN: Jordan’s largest lender, Arab Bank Group, said 2018 net profit jumped 54 percent to $820.5 million after transferring $325 million in surplus provisions it had put aside after the bank settled a major legal case.
Operational profit rose 8 percent, the bank said in a statement on Saturday. Total deposits rose to $34.3 billion compared with $33.8 billion in the same period the previous year.
A US appeals court last year threw out a 2014 jury verdict finding Arab Bank liable for knowingly supporting militant attacks in Israel linked to Hamas, a decision that triggered a settlement agreement with hundreds of plaintiffs.
The ruling ended more than 13 years of litigation over Arab Bank’s liability for 24 attacks in and around Israel in the early 2000s. The lender disputed the claims.
CEO Nemeh Sabbagh said with the case now finalized the bank was able to transfer $325 million in surplus provisions held for the case to its 2018 profits.
The bank also said that it put aside $225 million in provisions for investments in Turkey due to currency depreciation.
Jordan’s Arab Bank 2018 profit jumps 54% after legal win
Jordan’s Arab Bank 2018 profit jumps 54% after legal win
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
