The fallout from the dispute between the Saudi Arabian groups Saad and Algosaibi continues to hit regional banks.
The Jordanian lender Arab Bank's net profit last year fell 53 per cent to US$251 million after it set aside hefty provisions for bad loans for a second consecutive year.
Arab Bank, one of the Middle East's major financial institutions, put aside $178m in provisions for non-performing loans last year compared with $207m in 2009, financial statements released yesterday show.
The statements showed the assets of Arab Bank Group, which includes Arab Bank Switzerland, rose to $51.1 billion at the end of last year compared with $50.5bn in 2009.
Most Jordanian banks have set aside higher provisions to cover possible defaults and non-performing loans by businesses and property companies reeling from the impact of the global downturn on the aid-dependent economy.
Bankers said that while the credit provisions weighed on profit, Arab Bank was cushioned by a healthy capital base and $8.3bn of shareholders equity.
They say at least half of the provisions were set aside for the bank's exposure to Saad Group and Ahmad Hamad Algosaibi & Brothers.
The two conglomerates are in a protracted dispute over about $10bn in debts Algosaibi claims arose as the result of a systematic fraud by Mann al Sanea, the founder of Saad. Mr al Sanea has consistently denied the allegation.
Arab Bank is one of the few Jordanian banks active in global financial markets.
Most banks in the family-dominated region are shielded from exposure to western markets by modest risk profiles and by offering only relatively plain products.
Deposits rose to $35.7bn by the end of last December compared with $34.9bn at end of 2009.
The bank's total outstanding loan portfolio rose to $22.5bn by the end of December against $22bn in 2009.
The bank, with a geographic diversification that has helped it weather turmoil in the past, said net revenue dropped slightly to $1.76 last year compared with $1.77bn in 2009.
* Bloomberg
A list of the animal rescue organisations in the UAE
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Company%20Profile
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
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Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
COMPANY%20PROFILE
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Usain Bolt's World Championships record
2007 Osaka
200m Silver
4x100m relay Silver
2009 Berlin
100m Gold
200m Gold
4x100m relay Gold
2011 Daegu
100m Disqualified in final for false start
200m Gold
4x100m relay Gold
2013 Moscow
100m Gold
200m Gold
4x100m relay Gold
2015 Beijing
100m Gold
200m Gold
4x100m relay Gold
Match info
Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)