Jordan- Arab Bank shareholders approve purchase of 5% treasury shares 

(MENAFN - Jordan Times) Arab Bank shareholders approved on Wednesday during an ordinary general assembly meeting the distribution of 25 per cent in cash dividends or JD133.5 million.

During an extraordinary meeting, the general assembly approved the purchase of treasury shares, amounting to 5 per cent of the bank's total shares.

Shareholders also endorsed the board's report for 2011 and the bank's future work plan.

In 2011, the Arab Bank Group's profit after tax and other provisions went up by 13 per cent to 506 million compared with 271 million at the end of 2010.

Arab Bank Chairman Abdel Hamid Shoman said non-operating loans to credit facilities has dropped to 3.5 per cent, noting that these loans are 100 per cent covered.

Chief Executive Officer Nemeh Sabbagh said the bank's results for the first quarter of 2012 have been positive and more than projected in the estimated budget for this year.

According to a bank statement, Shoman said the effects of the global economic crisis deepened in 2011, and its repercussions still impact several Arab countries and pose many difficulties and challenges.

The chairman described the soundness of the bank's strategy and its conservative credit and investment policy, besides its flexibility, as the strengths that enhanced its financial results.