Arab Bank ARBK.AM in Jordan dropped 19.7 percent from its nine-month profits to $402.3 million the same period last year. This report is based on its financial statement released on Sunday.

According to the given financial statement, the bank had a 3 percent growth in assets at the beginning of the year. That is, $52.12 billion against $50.6 billion.

Also, the bank’s balance sheet showed that they had set aside a total amount of $203 million to supply for non-performing loans during the first nine months of the year 2010, which increased from $111 million amount of money they had kept for the same period last year.

Today, most banks in Jordan are setting aside larger provisions to help them cover potential defaults and non-performing loads by real estate firms and businesses falling down from the effect of global downturn on the aid-dependent economy.

Arab Bank was established in Jerusalem, Palestine during the 1930s. This is a small bank that has evolved into one of the largest financial institutions found in the Middle East. Today, they have the largest worldwide Arab branch network. They have over 500 branches in around 30 countries from 5 different continents.

The bank’s nine-month net profit dropped down to $500.9 million from their $672.8 million last year.

However, bankers inform that while their credit provisions reflect on its profits, the Arab Bank has a healthy base that cushions them and about $8 billion shareholders equity.