Jordan’s Arab Bank posts slide in first-quarter net profit

SourceThe National
SectorFinancial Services

Arab Bank reported a 13 per cent decline in net income during the first quarter amid a “challenging economic environment” compared to the pre-pandemic period last year, the chairman of Jordan’s biggest lender said.

Net profit after tax fell to $128.3 million in the first three months of 2021, compared to $147.6m in the same period last year, Arab Bank said in a statement on Saturday. The company blamed a decrease in operating revenue on lower interest rates and a higher cost of risk.

The first quarter results reflect the bank’s “resilient performance in this challenging economic environment, as compared to the pre-Covid normal more...