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Bad debt lowers Arab Bank's profit by 31% in 2009

2010-02-09

Dubai – Al Aswaq net: The Jordanian Arab Bank"s net profit declined by 31.4% to USD 575.5 million in 2009 from USD 839.8 million in the previous year. According to a statement of the Bank, the allowances increased from USD 40.4 million toUSD 204 million, and losses are attributed to the growth in bad debts in the consequences of the Global financial crisis. The bank had announced its debt to both of Saad and Alqosaibi, but added that it would not affect its financial position. Total assets of Arab Bank, which includes Arab Bank – Switzerland based Zurich, increased to USD 50.6 billion at the end of 2009 from USD 45.6 billion in the previous year.