Jordan’s Arab Bank 2018 profit jumps 54 pct after legal win

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.

x

Check Also

Venezuela crisis: Why US sanctions on will hurt

The United States announced sanctions this ...

In Iraq, political wrangling spawns debate over US troops

BAGHDAD: From the halls of parliament ...

The conflict between Israel and Iran in Syria has just escalated dramatically

Israel has claimed responsibility for a ...

Israel sparks World War 3 fears with HUGE show of military force – ‘Complete success’

Officials said a dummy missile launched ...

Brexit is teaching Britain its true place in the world

n one sense, Boris Johnson is ...

Britain has never looked so foolish in the world’s eyes

have always admired the British. We ...