Jordan's Arab Bank celebrates 43% net profit hike

Jordanís largest lender, Arab Bank Group, posted a 43 percent rise in 2013 net profit to $501.9 million on the back of higher revenues, with its chairman saying a conservative policy eased the impact of political upheaval across the region.
Chairman Sabih Al-Masri said in a statement the bank, one of the Middle East's major financial institutions, saw deposits increase by $1.5 billion to $34.4 billion against $32.9 billion at the end of 2012.
"This was in spite of the challenging environment in the region with the solid growth in operating income reflecting prudent and conservative policies the bank preserved and the strategy it pursued," Al-Masri said.