Arab banks net profit surge by 54%, relieved of Hamas connections

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Arab banks net profit surge by 54%, relieved of Hamas connections

The largest bank in Jordan, the Arab Bank Group, had made an announcement on Sunday, the 3rd of February, 2019, saying that, their net profit for the year of 2018 had jumped by 54 percent to $820.5 million, after transferring a left-over of $325 million, they had previously settled in a major legal dispute.

In a statement, the largest bank in Jordan said that their operating profit had jumped to 8 percent, while the net deposit had surpassed $34.3 billion, from $33.8 billion, a year earlier.

As a US appeals court had overruled a jury decision last year, saying that, the bank should not be held responsible for aiding attacks of Hamas Gunmen, the bank had been relieved of a 13-year sentence of liabilities, related to at least 24 attacks in and around Israel in the early 2000s, which also enabled them to transfer that excess $325 million.

Besides, according to a bank spokesman, the net-profit did not include an amount of $225 million investment in Turkey, which they had set aside due to devaluation in the currency.

Addressing to that surplus provision, as an aftermath of wining that US appeal linked to aiding the Hamas gunmen in attacks to Jerusalem, the Chief Executive Officer of Jordan’s Arab Bank, Nima Sabbagh, said, “The bank is now able to transfer an excess of $ 325 million in surplus provisions which were absent to the issue, to 2018 profits after the case was closed.