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Arab Bank Group reported net income after tax for the nine month period ended 30 September 2019 of $668.9 million compared to $643.2 million in the prior period, recording a growth of 4%. The Group’s net income before tax grew by 6% to reach $912 million with net operating income reaching $ 1,040 million and recording a growth of 5%.

Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong operating performance of Arab Bank Group confirms the strength of its franchise locally and abroad with its wide geographical diversification. He added that Arab Bank has recently opened a new branch in Shanghai in a move designed to strengthen its footprint in the Chinese market within its global network which includes about 600 branches across five continents.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with nine month period results recording a healthy increase of 5% in net operating income. He added that the strong performance was driven by growth in core banking income with net interest income increasing by 5%. Total loans increased by 3% to reach $26.1, and deposits increased by 4% to reach $34.7 billion.

Mr. Sabbagh remarked that Arab Bank Group enjoys high liquidity and strong and robust capitalization. Group’s capital adequacy ratio stood at 16.1% and loan to deposit ratio at %75.4 as of 30 September 2019. He added that the asset quality of the Group remains high and that credit provisions held against non-performing loans exceed 100%.

Mr. Sabih Masri expressed his confidence in the Group’s ability to maintain its leading position and to continue delivering strong results and sustainable growth.

Arab Bank was named “The Middle East’s Best Bank 2019”, by Euromoney – London in addition to “Best Bank in the Middle East” for the 4th consecutive year by Global Finance, New York.

Oct 29, 2019
Arab Bank Group profits grow by 4% to $669 million for nine month 2019

Arab Bank – Egypt has recently launched a special promotional offer in collaboration with Booking.com, one of the largest travel e-commerce companies in the world. The promotion introduces exclusive benefits to Arab Bank credit cardholders when using their cards to pay for their accommodation at the destination of their choice across the world. 

The offer entails 4% cashback of the value of the cardholder’s reservation credited automatically to his/her card account. This is in addition to earning reward points through “Arabi Rewards” program, which allows customers to earn points whenever they use their credit cards for purchases and redeem their points for cash. The offer is valid exclusively for bookings made through www.Booking.com/Arabbank

Commenting on the campaign, Mr. Mohamed Elhalawane, Head of Consumer Banking at Arab Bank – Egypt, said: “At Arab Bank, we always seek to provide our customers with value-added benefits and offers, in recognition of their loyalty and trust.” He added: “This special collaboration with Booking.com is a new gateway that enabled the bank not only to reward its customers, but also to provide them with added benefits that meet their needs and expectations and fit their lifestyle.”

It is worth mentioning that Arab Bank credit cards provide a wide range of benefits to its holders, including worldwide acceptance, access to “Arabi Rewards” program that enables customers to earn points on many banking transactions and redeem them with cash. Additionally, Arab Bank credit cards provide easy payment plan for convenient installments and easy secure access to credit card accounts anytime through both “Arabi Mobile” and the bank’s internet banking service, “Arabi Online”.

 
Aug 25, 2019
Arab Bank Launches Special Offer in Collaboration with Booking.com

Arab Bank Group announced its results for the first half of 2019 reporting a growth of 4% with net profit after tax reaching $453 million as compared to $436 million in 2018. Total loans increased by 3% to reach $26.2, and deposits increased by 3% to reach $34.1 billion. Group equity stood at $ 8.7 billion.

Mr. Sabih Masri, Chairman of the Board of Directors commented that despite the continued slowdown of economic growth in the region, the Group continues to deliver strong financial performance, which affirms the Bank’s effective management of risks and its ability to deal with the challenging environment.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with first half results recording a healthy increase of 5% in net operating income. He added that the strong performance was driven by growth in core banking income with net interest income increasing by 5%.

Mr. Sabbagh remarked that Arab Bank Group enjoys high liquidity and strong and robust capitalization. Group’s capital adequacy ratio stood at 15.8% and loan to deposit ratio at 76.9% as of 30 June 2019. He added that the asset quality of the Group remains high and that credit provisions held against non-performing loans exceed 100%.

Mr. Sabih Masri expressed his confidence in the Group’s ability to maintain its leading position and to continue delivering strong results and sustainable growth.

Arab Bank was recently named “The Middle East’s Best Bank 2019”, by Euromoney – London in addition to “Best Bank in the Middle East” for the 4th consecutive year by Global Finance, New York.

Jul 28, 2019
Arab Bank Group first half 2019 profits grow by 4% to reach $453 million

Arab Bank has been named "The Middle East’s Best Bank 2019" by Euromoney – London. The announcement was made at the Euromoney Middle East Awards for Excellence 2019 ceremony. The awards program covers 20 global awards, more than 50 regional awards and best bank awards in close to 100 countries.

Based on a comprehensive assessment, the selection criteria for the award took into account Arab Bank’s strong financial performance across key metrics, its differentiated business model founded on the core strengths of its franchise, its ability to adapt to changing market and regulatory conditions, its commitment to innovation, in addition to its established track record of delivering on its targets to shareholders and commitment to its clients.

Commenting on this award, Mr. Nemeh Sabbagh, Chief Executive Officer of Arab Bank stated: "We are honored to receive this global recognition which comes from one of the world’s leading financial publications.” Sabbagh added: “The award reaffirms Arab Bank’s leading regional position, as we continue to deploy our regional & global network to offer our clients, across all sectors, comprehensive banking solutions supported by seamless digital banking services and channels.”

Arab Bank was also named “Best Bank in the Middle East 2019” by Global Finance magazine – New York (for the fourth consecutive year). In addition to the Middle East’s Best Bank award, Arab Bank was also recognized by Euromoney as “Jordan’s Best Bank 2019” and “Palestine’s Best Bank 2019”.

The Bank’s record of regional awards from reputable international parties also includes: “Bank of the Year in the Middle East 2017” award from The Banker magazine – London (published by the Financial Times) and “Best Bank in the Middle East 2016” from Asiamoney magazine – Hong Kong.

Jul 14, 2019
Arab Bank Named the Middle East’s Best Bank 2019 by Euromoney – London

Arab Bank Group announced its results for the first quarter of 2019 reporting 5.2% growth in net profit after tax of $231.8 million as compared to $220.3 million in 2018, with net income before tax increasing by 9.1% to reach $312.8 million. Group equity stood at $ 8.5 billion, while loans increased to reach $25.8 billion and deposits increased to $33.7 billion.

Mr. Sabih Masri, Chairman of the Board of Directors stated that the performance of Arab Bank Group confirms the success of the Group in generating strong results despite the backdrop of the challenging operating environment.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with first quarter results recording a healthy increase in net operating income. He added that the strong performance was driven by growth in core banking income with net interest income increasing by 7% as well as by lower provisions.

Mr. Sabbagh remarked that Arab Bank Group enjoys high liquidity and strong and robust capitalization. Group’s capital adequacy ratio stood at 15.5% as of 31 March 2019. He added that the asset quality of the Group remains high and that credit provisions held against non-performing loans continue to exceed 100%.

Mr. Masri expressed his confidence in the Group’s ability on delivering strong and sustainable results.

Arab Bank was named “Best Bank in the Middle East” for the 4th consecutive year by Global Finance, New York.

Apr 28, 2019
Arab Bank Group First Quarter Profits Grow by 5.2% to $231.8 Million

Arab Bank Group closed 2018 with solid results reporting net income after tax of $820.5 million as compared to $533 million in 2017 with net income before tax reaching $ 1.1 billion. The Group’s equity grew to reach $8.7 billion while the return on equity increased to reach 9.5%. In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 45% cash dividends for the financial year 2018.

The Group’s net operating income grew by 8% driven by growth in net interest and commission income. Credit facilities increased by 3% to reach 25.8 billon while customer deposits increased to reach $34.3 billion.

Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong performance of Arab Bank Group confirms the success of the Group in dealing with the challenging and changing operating environment and reflects the Group’s prudent operating policies.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the solid results of Arab Bank Group for 2018 were driven by sustainable growth in the underlying business, spread improvements and well controlled expenses. Mr. Sabbagh remarked that Arab Bank Group enjoys strong liquidity and robust capitalization. The Group’s loan-to-deposit ratio stood at 75% while capital adequacy ratio calculated in accordance with Basel III regulations improved to reach 15.6%. He added that the asset quality of the Group remains high, with credit provisions held against non-performing loans standing above 100%, excluding the value of collaterals.

As the legal cases filed in the US in 2004 have been put into finality, the Bank reversed $325 million of excess legal provisions into income. Also, and in line with the Bank’s conservative policies, the Bank booked $225 million impairment against the value of its investment in Turkey, the amount of which is mainly the result of currency depreciation.

Mr. Masri concluded by remarking that the encouraging results will continue to support the strong financial performance of the Group and its position in its markets.

Arab Bank was named “Bank of the Year in the Middle East for 2017” by The Banker – Financial Times, London and “Best Bank in the Middle East for 2018” by Global Finance, New York for the third year consecutively. The Bank also received 14 international awards from Global Finance for its corporate digital banking services in the region.

The 2018 financial statements are subject to the approval of the Central Bank of Jordan.

Feb 2, 2019
Arab Bank Group reports net profits of $820 million for 2018 45% cash dividends