(Provides element, background) By Suleiman Al-Khalidi AMMAN, July 25 (Reuters) – Jordan’s largest lender, Arab Bank Group, reported on Saturday a 66% year-on-year drop in first-half internet revenue to $152.1 million because it put aside extra money to deal with the financial fallout of the COVID-19 pandemic. Chief Government Officer Nemeh Sabbagh didn’t give a determine for the provisions, however mentioned the bank had determined to put aside “significantly more” cash to cowl the “deterioration in the macro-economic environment throughout the region and globally.” The provisions would additionally cowl the bank’s operations in Lebanon, the place the financial system is in disaster, he added. Arab Bank, one of many Center East’s main monetary establishments, additionally mentioned on Saturday that complete loans rose 2% to $26.7 billion as of the top of June, whereas deposits climbed 5% to $35.9 billion. Group fairness stood at $9.2 billion, it mentioned. Decrease rates of interest and weakening oil costs harm revenues, it added. Chairman Sabih al Masri mentioned that whereas the impression of the pandemic was unprecedented, the bank was helped by a diversified presence in lots of markets. Arab Bank operates in 30 international locations on 5 continents and owns 40% of Saudi Arabia’s Arab Nationwide Bank (ANB). Bankers say practically 70% of the bank’s revenues come from its world operations, together with the stake in ANB. Sabbagh mentioned liquidity continued to be excessive, with a loan-to-deposit ratio of 74.4% as of the top of June. The bank’s provisions protection ratio for non-performing loans continued to be in extra of 100%. Primarily based in Amman, however with most of its property and deposits outdoors Jordan, Arab Bank has constructed a repute for stability amid regional political upheaval. The bank’s revenues have additionally been hit by a drop in earnings from Saudi Arabia’s ANB, the place it has been harm by the plunge in oil costs because the pandemic, Sabbagh mentioned. (Reporting by Suleiman Al-Khalidi; Enhancing by Mark Potter)Our Requirements:The Thomson Reuters Belief Rules.