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Jordan’s Ahli Bank H1 profits rise 16 pct

The rise in the bank’s H1 profits was boosted by higher revenues from its core business.

August 4, 2010 11:04 by

Jordan’s third-largest lender, Ahli Bank, said on Tuesday its first-half profits rose 16 percent to 9.437 million dinars ($13.3 million), boosted by higher revenues from its core business.

The bank’s assets rose by 5.45 percent to 2.379 billion dinars ($3.35 bln) in the first six months of 2010 compared with the end of 2009, while customer deposits rose 5.4 percent to 1.6 billion dinars at end of June 30.

Ahli Bank saw a healthy 26.9 percent rise in net commissions and interest to 46.307 million dinars in the first six months of this year against the same period in 2009.

Net interest income and commissions accounted for more than 90 percent of the 51.2 million dinars of gross income posted in the first half of 2010, a rise of 18 percent against the same period last year.

The bank has been targeting retail customers and smaller businesses, saying profits there are higher and the investment risk is lower than for larger companies.

Ahli Bank, which has a presence in Lebanon, the Palestinian territories and Cyprus, is owned by some of Jordan’s leading business groups and financial institutions, including the influential Muasher family.

(Reporting by Suleiman al-Khalidi; Editing by Will Waterman)

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