In its regular annual meeting last week the Bank's General Assembly approved the 2001 Balance Sheet which indicates a 7 percent increase in the bank's net income to JD 139.2 million. The Arab Bank Group had a net income as high as $250.6 million-a 4 percent increase over 2000's profits.

Bank Chairman, Abdel Majid Shoman, said the profits reflect the bank's stability in financial capacity. "Year 2001 witnessed several events that affected the banking industry all over the world," Shoman said in the Assembly's meeting. "Therefore, many regulations and rules were issued by international financial institutions making banking facilities more restricted and confined to customers."

Shoman noted how the 11 September attacks on the US cut growth rates in the world economy, making the Arab Bank take necessary measures to lessen the effects of these attacks on Bank operations.

The Arab Bank has JD 14.5 billion in assets and JD 9.9 billion in shareholdings. The Bank's group increased shareholders equity last year $190 million to $2.34 billion. The group issued more than $8.9 billion in loans and advances in 2001. The Arab Bank Group's assets are estimated at $22.2 billion.

Shoman said Bank profits have increased over the years reflecting the extensive sales of shares to local and foreign financial markets. "We are now working steadily to upgrade our activities to make the Bank and its group the biggest in the Arab world.

"All Arab financial institutions face mounting challenges created by recent world economic varieties," said Abdel Hamid Shoman, the Arab Bank's general manager. Among these are the rapid developments in IT systems, the advance monitoring systems in the banking sector, and the development of media and marketing tools.

"The Arab Bank Group possesses a financial liquidity estimated at 54.6 percent of the group's capital," said Abdel Hamid Shoman, noting the group's capital is worth some $211.5 million. He added the Group aims to make its financial structure a significant factor in building a strong and expansive financial institution in Jordan and all over the world.

"The bank has approved a future strategy to increase profits gradually and preserve previous achievements through the upgrading of bank activities, making shareholders feel the positive change."