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Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting net income after tax of $405.8 million as compared to $271.7 million for the same period last year with an increase of 49%.

The Group’s core banking activities kept up the momentum in most areas of operations delivering solid underlying growth in loans and deposits.  At the end of September 2022, loans were up by 4% from September 2021 level to reach $35.6 billion, while deposits reached $47.8 billion, up by 3% from the 2021 level.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that the strong performance shows the growth potential and resilience that diversification brings to the Bank despite the challenging economic environment. Mr. Masri expressed his confidence in the Bank’s ability to continue to grow based on its sound strategy, while maintaining the strength of its balance sheet.

Ms. Randa Sadik, Chief Executive Officer, stated that the underlying results reflect Arab Bank’s earnings capacity strength with 13% growth in net operating income across the Bank’s lines of business. This is primarily driven by the increase in total net interest and commission income; in addition to the controlled operating expenses. Ms. Sadik added that the Group’s liquidity and asset quality remains solid where loan-to-deposit ratio stood at 74.3%, and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains strong capital base that is predominantly composed of common equity with capital adequacy ratio of 16.4%.

Ms. Sadik noted that Arab Bank is on track to deliver its strategic digital transformation objectives, providing a comprehensive range of banking solutions and seamless customer experiences across the network and segments.

Earlier this year, Arab Bank was named “Best Bank in the Middle East 2022” for the seventh consecutive year by New York-based international publication “Global Finance”.

Oct 31, 2022
ARAB BANK GROUP PROFITS GROW BY 49% FOR THE FIRST NINE MONTHS OF 2022

Arab Bank recently launched the second edition of its FinTech Bootcamp for entrepreneurs in Egypt, following the success of its first edition last year.

The launch of the second edition, organized by “AB Accelerator” in Egypt, comes as part of the bank’s strategic efforts to foster and support innovation in the FinTech sector towards offering responsive and agile banking solutions in line with the evolving needs and expectations of customers across different segments.

Participating startups enrolled in an intensive one-week bootcamp that took place between the 18th and the 22nd of September, 2022, through which they were able to develop their ideas and refine their skills by testing their proposed solutions and validating their relevance and feasibility in the market. The bootcamp workshops were led by entrepreneurs, investors, experts from the FinTech industry as well as veteran bankers at Arab Bank Egypt, ensuring delivering the relevant experience and knowledge to the participants.

The bootcamp concluded with a demo day where startups pitched their solutions to a panel of judges comprised of Arab Bank senior management in addition to independent investors. Three winners were selected and received cash rewards to continue developing their ideas and building their solutions. “Haktiv” received the first-place prize of EGP 100,000 while “Credify” received the second-place prize of EGP 75,000 and “Receety” came in third with a EGP 50,000 prize.

The “AB Accelerator” program aims to accelerate the adoption of emerging technologies and solutions within Arab Bank, and support entrepreneurs with the opportunity to scale their market ready FinTech startups across the MENA region. Driven by this objective, the “AB Accelerator” program works to integrate into Egypt’s startup scene through investing in early-stage startups specialized in FinTech that demonstrate strategic alignment with Arab Bank’s vision in fostering innovation.

Commenting on the launch of the second edition, Habiba Helmy, Innovation Lead at Arab Bank – Egypt, said: “Through the FinTech Bootcamp, we seek to support entrepreneurs and startups through connecting them with mature FinTech founders and relevant Arab Bank stakeholders for guidance and knowledge exchange based on the experts’ solid experience and challenges witnessed over the years in this sector.” Helmy added: “Arab Bank continues to focus on carrying out initiatives that aim at building the capacity of entrepreneurs in Egypt and seeks to create long-term relationships with the founders through offering continued support. The bank continues to follow up with startups that participated in its first edition last year, which witnessed distinctive turnout and success. The launch of the second edition aimed at supporting  startups through offering them the resources, workshops and mentorship needed to develop their ventures further and sharpen their entrepreneurial skills”

Arab Bank’s presence in Egypt started in 1944. Currently, the bank has 44 branches located in main cities and governorates across Egypt. Arab Bank has one of the largest global Arab banking networks with over 600 branches spanning five continents.

It is worth noting that Egyptian entrepreneurs who wish to join Arab Bank’s “AB Accelerator” portfolio of companies may apply online through: www.abaccelerator.co/apply-now or send an email to: hello@abaccelerator.co, which were launched specifically to receive inquiries and application forms.

Oct 3, 2022
Arab Bank Concludes the Second Edition of Its Fintech Bootcamp for Entrepreneurs in Egypt

New York-based Global Finance magazine has recently named Arab Bank the “Best Consumer Digital Bank in Egypt for 2022 “.The bank also received many awards in recognition of its corporate and consumer digital banking services across the region.

Arab Bank was chosen by a world-class panel of judges, which included experts in consulting, technology, and outsourcing, in addition to the magazine’s team of editors. The criteria of selection included: strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, web/mobile site design and functionality, and the breadth of its product and service offering.

This global recognition complements Arab Bank’s significant success record and comes as a result of its constant efforts to deploy the latest digital banking solutions and services that meet the needs of its customers across the different sectors in line with the latest technologies in the banking industry.

On the regional level, Arab Bank received a total of five recognitions for its corporate and consumer services, which included Best Integrated Consumer Banking Site, Best Bill Payment and Presentment, Best Information Security and Fraud Management, and Best Open Banking APIs. The bank also received “Best SME Banking” award on the corporate level.

It is worth mentioning that Arab Bank was recently named “Best Bank in the Middle East 2022” by Global Finance for the seventh consecutive year.

Sep 27, 2022
Arab Bank “Best Consumer Digital Bank in Egypt 2022”

In line with the back-to-school season, Arab Bank recently launched a special promotional campaign in Egypt, which offers  10% cashback to its Visa credit cardholders on all their school or university purchases, and any POS or online transactions conducted through bookstore merchants included in the campaign with an installment option of lowered interest rates on credit cards. 


The campaign, which will run until 30th September, 2022, allows customers to register by sending a text message from the mobile number linked to the account, noting that the offer is exclusively valid on Arab Bank Visa credit cards as per the terms and conditions of the campaign, in which the cashback due will be credited by October 30th, 2022. 


Commenting on the campaign launch, Mr. Mahmoud Ghadrifi, Head of Cards and Strategic Partnerships at Arab Bank – Egypt, said: “This campaign comes as part of Arab Bank’s constant efforts to reward its customers and provide them with added-value offers in line with their lifestyle and needs throughout the year, as it offers many benefits to celebrate the back-to-school season for both university and school students.” He added: “Through this campaign, customers are able to benefit from cashback on all their school-related expenses in addition to a lowered interest rate on installments.” 


It is worth mentioning that Arab Bank credit cards provide a wide range of benefits to its holders, including worldwide acceptance and easy and secure access to credit card accounts anytime through both “Arabi Mobile” and the bank’s internet banking service “Arabi Online”. 
 

Sep 11, 2022
Arab Bank Launches “Back to School” Campaign for its Visa Credit Cardholders

Arab Bank has recently launched a new account entitled “Al Nas”, which aims to support financial inclusion by allowing a wider segment of the society to benefit from a range of banking products and services. The launch of this new account is in line with the vision of the Central Bank of Egypt to reach sustainable economic development through financial inclusion and comes as part of Arab Bank’s host of comprehensive banking products and solutions that meet the banking needs of both individual and corporate customers. 


The new account, available for individuals, employees and corporates customers, offers exclusive benefits that include the ability to open an account through simple and easy steps without minimum balance starting from the age of sixteen. The new account also offers Arab Bank customers a Visa debit card free of charge that can be used across points of sale and online, in addition to offering installments at preferential rates using Arab Bank credit card, and the ability to pay bills through the bank’s “Arabi Mobile” app within the highest levels of security and ease. Customers can also benefit from the usual banking services such as cash deposit and withdrawal directly through ATMs, the ability to transfer cash locally and receive payments from abroad, as well as cheque deposit. Additionally, the new account exempts customers from many fees including account opening fees, annual and monthly fees, minimum balance fees, and salary transfer fees.


Commenting on the account launch, Mohamed Elhalawane, Head of Consumer Banking at Arab Bank – Egypt, stated: “The launch of this new account comes as part of Arab Bank’s commitment to provide its customers with banking solutions that contribute to community development and support the Central Bank’s efforts towards financial inclusion.” He added: “Through the new account, customers are able to open an account easily and benefit from many account-related fee exemptions, as well as purchase and install payments at preferential rates and many other benefits.” 


It is worth mentioning that Arab Bank’s presence in Egypt started in 1944. Currently, the bank owns 44 branches located in main cities and governorates across Egypt. Arab Bank has one of the largest global Arab banking networks with over 600 branches spanning five continents. The bank was also recently named “Best Bank in the Middle East 2022” by New York-based Global Finance Magazine for the seventh consecutive year.

Aug 14, 2022
Arab Bank Launches Financial Inclusion Account “Al Nas”
 
Arab Bank Group reported a net income after tax for the first half of 2022 of $252 million as compared to $182.4 million for the same period last year, recording an increase of 38%.

The Group loan portfolio grew by 6% to reach $35.7 billion as of June 30, 2022 compared to $33.8 billion for the same period last year, while customer deposits grew by 2% to reach $47.1 billion compared to $46 billion for the same period last year. The increase in loans and deposits in most areas of operations are in line with the Bank’s sustainable growth strategy to expand and diversify its clients, loans and deposit base. The Group maintained its strong capital base with a total equity of $10.2 billion.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that the performance in the first half of the year reflects the Group’s prudent operating policies and strong financial position, despite challenging economic environment.

Ms. Randa Sadik, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with 6% growth in net operating income across the Bank’s lines of business driven by improvement in both net interest income and commission income by 4% and 17%, respectively, and well controlled Group underlying operating expenses. Ms. Sadik also added that the Group’s liquidity remains strong where loan-to-deposit ratio stood at 75.9% and asset quality remains high with credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains solid capital base that is predominantly composed from common equity with capital adequacy ratio stood at 16.4%.

Ms. Sadik commented that Arab Bank has continued its digital transformation journey which is a major pillar in the Bank’s strategy, providing a comprehensive range of banking solutions and services that cater to the evolving banking needs of its customers. The Bank has recently released pioneer applications in Jordan, including “Arabi Next” application; targeting Small and Medium enterprises and “Arabi Junior” application; targeting children and teens. This is in addition to Arab Bank’s ongoing updates to “Reflect”, the first Neobank in Jordan, as part of the Bank’s constant efforts to deploy the latest digital banking technologies.

Mr. Masri concluded by remarking on the strength of Arab Bank franchise, and its diversified business model which allows it to effectively overcome challenges and achieve sustainable results. 

Arab Bank has recently released, for the 12th consecutive year, its Annual Sustainability Report for the year 2021. This comes as part of Arab Bank’s ongoing commitment towards integrating sustainability into its operations in a strategic manner that complements the Bank’s constant efforts to support achieving sustainable community development.

Arab Bank was named “Best Bank in the Middle East 2022” for the seventh consecutive year by New York-based international publication “Global Finance”.
 
Jul 31, 2022
Arab Bank Group profits grow by 38% to $252 million for the first half of 2022


As part of its constant efforts to provide the latest services and solutions to its customers, Arab Bank recently revamped its “Shabab” program offering an array of benefits for the youth between the ages of 16 - 25.


The new “Shabab” program offers a host of banking and non-banking benefits, specially designed to meet the evolving needs and fit the lifestyle of young students and employees. The benefits of the new program entails: exemption from account opening fees and subscription charges, 15,000 welcome points on the first account deposit, digital savings account "e-Tawfeer" opening with reward points through "Arabi Mobile" app, complementary “BandPay” and contactless debit card, online coupons for stores with preferential rates via “Arabi Mobile” app, in addition to special discounts and offers from a wide list of merchants including restaurants, entertainment centers, gyms, stores, and many more. 


Customers interested in opening an Arab Bank “Shabab” account can instantly download “Arabi Mobile” app through AppStore or Google Play and select “Open an Account” feature directly on the app to fill in the needed information. Customers can then visit the nearest branch to activate the account. 


Commenting on the new program launch, Mohamed Elhalawane, Head of Consumer Banking at Arab Bank – Egypt, stated: “We continuously seek to upgrade our programs and services to provide our customers of all ages with a comprehensive banking experience that meets their needs and enables them to conduct their banking transactions seamlessly.” He added: “The launch of the new “Shabab” program in its new features reflects Arab Bank’s commitment to the youth as the program entails many exclusive and unique benefits that meet the banking needs of the 16 - 25 segment and provide them with an added value in line with the Central Bank’s financial inclusion policy.” 


It is worth mentioning that Arab Bank provides its customers with a comprehensive range of digital banking solutions, such as the “Arabi Mobile” app, the “Arabi Online” service, and an extensive network of advanced Arab Bank ATMs including drive-thru ATMs. This is in addition to offering customers a range of innovative digital banking service around the clock through its first self-service Branch in Egypt – CityStars Mall, its self-service area at the New Cairo Branch, and its new Zizinia branch in Alexandria.

Jul 20, 2022
Arab Bank Launches “Shabab” Program with New Features

Arab Bank has recently launched “Arabi Mongez” loan for SMEs in Egypt. The launch of this new loan comes as part of the bank’s constant efforts to support the SMEs sector in line with their evolving financial needs while providing them with specialized banking and financing solutions tailored to the requirements of this vital sector.

“Arabi Mongez” finances small projects with loans up to EGP 5,000,000 and fixed installments for up to 3 years through financing the purchase of equipment and raw materials needed for the projects. The loan also provides the companies with a VISA Signature credit card to finance the government payments, noting that SMEs can easily apply for the loan with a quick processing time of 5 business day.

Commenting on the launch of this new service, Rania Sherif, Country Head of SMEs – Egypt, said: “The launch of Arabi Mongez comes as part of Arab Bank’s ongoing efforts to create a sustainable model for SMEs that meets their evolving needs through convenient financing solutions aimed at growing their business in line with the fast-paced nature of this vital sector.” She added: “Arabi Mongez is ideal for SMEs that are looking to increase their productivity and expand the scope of their business.”

It is worth mentioning that Arab Bank’s presence in Egypt started in 1944. Currently, the bank owns 44 branches located in main cities and governorates across Egypt. Arab Bank has one of the largest global Arab banking networks with over 600 branches spanning five continents. The bank is also one of the leading financial institutions that support the SMEs by providing this vital sector with a comprehensive set of banking services through a network of business centers and branches across the country to support the business of these projects and boost their growth.

Jun 23, 2022
Arab Bank Launches “Arabi Mongez” Loan for SMEs
Arab Bank has recently received the “Best Bank in the Middle East 2022” award by New York-based international publication “Global Finance”, for the seventh year in a row. 

This global recognition came as part of Global Finance’s 29th Annual Best Bank Awards and was made by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world. In selecting top banks, Global Finance considered several factors that included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Winning criteria also included the banks that attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success.

Commenting on this recognition, Ms. Randa Sadik, Arab Bank’s Chief Executive Officer said: “This global recognition received for the seventh consecutive year is yet another addition to Arab Bank’s significant success record. It is a manifestation of the bank’s ambitious strategic vision and distinctive ability to deal efficiently with the most pressing regional and global challenges.” Sadik added: “At Arab Bank, we are committed to deploying advanced and comprehensive banking solutions that meet the evolving needs of our customers across various sectors, while constantly enriching their banking experience. This is realized through the bank’s relentless focus on aligning its various services and value propositions with the latest advancements in the financial industry locally, regionally and globally.”

Global Finance Awards cover more than 150 countries and territories across Africa, Asia-Pacific, the Caribbean, Central America, Central and Eastern Europe, Latin America, the Middle East, North America and Western Europe. 

It is worth mentioning that Arab Bank, headquartered in Amman - Jordan, was established in 1930 and has one of the largest global Arab banking networks with over 600 branches spanning five continents. Arab Bank’s extensive network covers key financial markets and centers such as London, Singapore, Shanghai, Geneva, Paris, Frankfurt, Sydney, Dubai and Bahrain.
Jun 19, 2022
For the Seventh Consecutive Year Arab Bank “Best Bank in the Middle East 2022”

Arab Bank Group reported net income after tax for the first quarter of 2022 of $166 million as compared to $128.3 million for the prior period, recording an increase of 29.4%.

The Group loan portfolio grew by 5% to reach $35.2 billion as of March 31, 2022 compared to $33.5 billion for the same period last year, while customer deposits grew by 3% to reach $47.3 billion compared to $45.8 billion for the same period last year. The increase in loans and deposits in most areas of operations are in line with the Bank’s sustainable growth strategy to expand and diversify its clients and deposit base. The Group maintained its strong capital base with a total equity of $10.2 billion.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that the results achieved by the Bank in the first quarter of this year, reflect the Bank’s strong financial position and its ability to deliver sustainable performance, while prudently managing the regional and global developments.

Miss Randa Sadik, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with first quarter results driven by an increase in core banking income and a lower cost of risk, highlighting that the Bank’s net interest and commission income increased by 6.3% compared to prior period, despite ongoing market volatilities.

Miss Sadik commented that Arab Bank Group enjoys strong liquidity in the form of a granular deposit base and strong capitalization where loan-to-deposit ratio stood at 74.3%, and the capital adequacy ratio is at 16.5% in accordance with Basel III regulations. Miss Sadik also added that the asset quality of the Group remains high, with credit provisions held against non-performing loans continue to exceed 100%.

Mr. Masri concluded by expressing his confidence in the Group’s ability to maintain its leading position and to capture new business opportunities to deliver sustainable profitable growth.

May 1, 2022
Arab Bank Group reports first quarter 2022 net profit of $166 million

Arab Bank has recently launched the Instant Payment service through the “Instapay” app for its customers in Egypt, after obtaining the license on the instant settlement of payments from Central Bank of Egypt. The launch of this new service comes as part of the bank’s strategy to keep pace with the digital transformation and enhance its series of digital services providing customers with innovative banking solutions and services in line with their needs and lifestyle. This is manifested through being one of the first banks to offer IPN through “Instapay” app, both services officially launched by the Central Bank of Egypt on March 22, 2022.

The new instant payment service offers Arab Bank’s customers the ability to conduct instant transactions online directly from their bank account to other accounts or wallets at anytime, easily and securely through the “Instapay” app, available on App Store and Google Play.

Commenting on the launch of this new service, Head of Channels and e-Payments at Arab Bank– Egypt, Injy ElBahey, said: “At Arab Bank we continuously seek to deploy the latest technologies in the banking industry to serve our customers within the highest levels of flexibility and security.” She added: “The newly launched instant payment service by the Central Bank of Egypt is a value-added addition to the comprehensive services offered by Arab Bank through the “Instapay” app, as it allows our customers to conduct a range of online transactions easily and around the clock from anywhere, saving their time and effort while offering them a seamless banking experience.”

It is worth mentioning that Arab Bank provides its customers with a comprehensive range of digital banking solutions, such as the “Arabi Mobile” app, the “Arabi Online” service, and an extensive network of advanced Arab Bank ATMs including drive-thru ATMs. This is in addition to offering customers a range of innovative digital banking service around the clock through its first self-service Branch in Egypt – CityStars Mall, its self-service area at the New Cairo Branch, and its new Zizinia branch in Alexandria.

Arab Bank has recently received several international recognitions from prestigious organizations, most notably “Best Consumer Digital Bank in Egypt 2021” by New York-based Global Finance Magazine.

Apr 21, 2022
Arab Bank Launches Instant Payment Service Through Instapay App

Arab Bank - Egypt has recently been appointed as the security agent to enable Khazna’s debt facility from Lendable, as Khazna announced earlier its pre-series A round of $38 million in equity and debt. Khazna is a portfolio company of Arab Bank’s FinTech and startups partnership arm, AB Accelerator, and is a Cairo-based financial Super App that offers easy to use, technology-driven financial services to Egypt’s underserved consumers and micro-businesses.

The announcement comes in line with Arab Bank’s strategy to support FinTech startups through providing agile banking solutions in line with the evolving market needs.

“Offering banking solutions to facilitate Khazna’s growth is part of Arab Bank’s strategy to support the FinTech sector,” said Ahmed Ismail Hassan, Arab Bank Egypt’s Country Manager. “Our aim is to support FinTech startups through investments, conducting Proof of Concept (POC) engagements and different collaborations. This is a testament of Arab Bank’s commitment to push forward the bank’s agenda of innovation and digital transformation through partnering with FinTech companies and startups in Egypt and beyond.”

Arab Bank, through AB Accelerator, is the strategic partner and investor in 7 startups in the MENA region, Europe and beyond. AB Accelerator aims to accelerate the adoption of emerging technologies and solutions within the bank, as well as support founders to scale their business by becoming their docking point into the MENA region. Driven by this objective, AB Accelerator works to integrate into Egypt’s startup scene through investing in early-stage startups specialized in FinTech as well as other related technology verticals.

It is also worth noting that Arab Bank’s presence in Egypt started in 1944. Currently the bank has 44 branches located in main cities and governorates across Egypt. Arab Bank has one of the largest global Arab banking networks with over 600 branches spanning five continents.

Founders who wish to join Arab Bank’s “AB Accelerator” portfolio of companies may apply online through www.abaccelerator.co/apply-now or send an email to hello@abaccelerator.co

Apr 14, 2022
Arab Bank Appointed as Khazna’s Security Agent

Arab Bank has recently opened Zizinia branch in its new location on 26 Ahmed Yehia Street, Alexandria. The opening comes as part of the bank’s strategy to reinforce its branch network and self-service branches across Egypt and provide its customers with advanced banking solutions based on the highest standards in line with the latest developments in the banking industry.

In addition to the usual banking services, the new branch offers a dedicated area for “Elite” customers, dedicated staff for “Arabi Premium” program customers, and a transactional kiosk machine that offers instant issuance and renewal of debit and credit cards as well as instant issuance of account statements. The branch also encompasses ATMs that provide a host of banking services around the clock enabling customers to conduct instant banking transactions with utmost ease and security.

Commenting on the branch opening, Mohamed Elhalawane, Head of Consumer Banking at Arab Bank – Egypt, stated: “We continuously seek to reinforce our branch network in Egypt and provide our customers with a comprehensive banking experience in line with their evolving needs to enable them to conduct their banking transactions using the latest technologies in the banking industry.” He added: “The new branch offers our customers a unique and modern banking experience through comprehensive digital and traditional services tailored to different segments and sectors.”

It is worth mentioning that the new branch also offers the usual banking services such as opening all types of accounts, personal loans, auto loans, credit card services, as well as direct banking services (Arabi Online, Arabi Mobile and others) available around the clock, allowing customers to carry out banking transactions, pay bills, issue account statements among other services, easily and securely. In addition to the usual banking services, the new branch is equipped with the latest banking systems that will be available to customers in the coming period. Arab Bank has also recently launched a first of its kind service in Egypt through its “Arabi Mobile” app, which enables customers to open accounts online through easy and simple steps using smartphones.

Arab Bank received several international recognitions from prestigious organizations, most notably “Best Bank in the Middle East 2021” for the sixth consecutive year and “Best Consumer Digital Bank in Egypt 2021” by New York-based Global Finance Magazine.

Mar 28, 2022
Arab Bank Opens Zizinia Branch in its New Location

Arab Bank has recently launched a new service through its “Arabi Mobile” App, allowing customers to open bank accounts online, easily and securely using their smartphones.

The new service is yet another step in the bank’s digital journey enabling customers to take advantage of the latest digital banking solutions that offer them a seamless banking experience. Through the new service, individuals who are interested in opening accounts with Arab Bank - Egypt can now download "Arabi Mobile" app through App Store, Google Play and Huawei AppGallery, then use the option "Open New Account" available through the application to enter the required information and upload the needed documents. Customers can then activate their account easily and conveniently through a quick visit to the nearest Arab Bank branch, and meanwhile issue their debit cards instantly.

Commenting on the service launch, Mr. Mohamed Elhalawane, Head of Consumer Banking at Arab Bank – Egypt, stated: “We constantly seek to enhance our digital banking services in order to provide our customers with the best value propositions designed to meet their evolving needs and modern lifestyle in line with the latest technologies in the banking industry.” He added: “First of its kind in Egypt, the new service is yet another value-added addition to our digital banking services, enabling individuals to open Arab Bank accounts easily in a manner that saves their time and effort.”

It is worth noting that the “Arabi Mobile” app offers a host of digital banking solutions that enable customers to conduct their transactions online around the clock from anywhere using their smartphones and tablets within the highest levels of flexibility and security.

Arab Bank has recently received several international recognitions from prestigious organizations, most notably “Best Bank in the Middle East 2021” for the sixth consecutive year and “Best Consumer Digital Bank in Egypt 2021” by New York-based Global Finance Magazine.

Feb 20, 2022
Arab Bank Launches its Digital Onboarding Service through “Arabi Mobile” App in Egypt

Miss Randa Sadik has assumed the role of Arab Bank Chief Executive Officer as of February 1st, 2022, succeeding Mr. Nemeh Sabbagh who retired upon his request with effect of January 31st of this year.


Miss Sadik joined Arab Bank in July 2010 as Deputy Chief Executive Officer, a position she held since then. With over 36 years in banking, Miss Sadik previously held various leadership roles during the course of her 24 years at National Bank of Kuwait, the last of which was the General Manager of the international banking group. She holds an MBA degree from the American University of Beirut. 


On Miss Sadik’s appointment, Arab Bank’s Chairman of the Board of Directors, Mr. Sabih Masri, affirmed the board’s confidence in Miss Sadik’s proven track record and ability to lead the executive management team in propelling Arab Bank’s success journey and fulfilling the bank’s ambitious vision towards reinforcing its leading position, both locally and regionally. 


Miss Randa Sadik holds several positions within Arab Bank Group, among which are Chairman of the Board of Arab Tunisian Bank, Vice Chairman of Arab Bank Australia ltd, Board member of Oman Arab Bank, and Chairman of the Management Committee of Al-Arabi Investment Group.


In its latest issue, Forbes Middle East has named Randa Sadik among the 50 most powerful businesswomen in the Middle East, ranking her seventh on the list. 

 
Feb 6, 2022
Randa Sadik Assumes CEO Role at Arab Bank
 
Arab Bank Group closed 2021 reporting net income after tax of $314.5 million as compared to $195.3 million in 2020, recording a growth of 61%. Group equity grew to reach $10.3 billion.

The Board of Directors has recommended to the shareholders the distribution of 20% cash dividends for the financial year 2021.

Arab Bank consolidated the financial statements of Oman Arab Bank under its Group accounts increasing total assets by $8.4 billion to reach $63.8 billion compared to $54.4 billion for the same period last year.

Customer deposits grew by 22% to reach $47.1 billion, while loans grew by 30%, to reach $34.6 billion. The consolidation of Oman Arab Bank has materially increased customer deposits and loans by $7.3 billion and $7.5 billion, respectively.

Mr. Sabih Masri, Chairman of the Board of Directors stated that the underlying performance reflects its strategic directive in dealing with the challenging and changing operating environment and its prudent operating policies of maintaining strong liquidity and healthy capital positions.

Mr. Nemeh Sabbagh, Chief Executive Officer, commented that the year 2021 showed a partial recovery of the economic environment which the bank benefited from and recorded a growth in net interest and commission income by 15% with net operating income increasing by 8% to reach $1,108 Million. He added that the Group enjoys high liquidity and a strong capital base with a loan to deposit ratio of 73.4% and a capital adequacy ratio of 16.5%. The Group continues to hold credit provisions against non-performing loans in excess of 100%.

Mr. Sabbagh also noted the bank’s ambitious vision towards embracing digital transformation as an integral part of its strategy. The bank launched in 2021 Reflect, the first Neobank in Jordan, which provides a branchless experience to millennials and facilitates their daily lifestyle activities from one banking app.

Mr. Masri concluded by referring to Arab Bank’s ongoing commitment towards integrating sustainability into its operations in a strategic manner which dovetails with the bank’s efforts to support sustainable community development.

Arab Bank was named “Best Bank in the Middle East 2021” for the sixth consecutive year by New York-based Global Finance magazine.

The 2021 financial statements are subject to the approval of the Central Bank of Jordan
Jan 31, 2022
Arab Bank Group reports 61% growth in net profits and 20% cash dividends

Arab Bank has recently launched the new e-voucher service through its “Arabi Mobile” App as part of its constant efforts to expand its digital offerings and deploy the latest digital banking solutions that provide customers with a seamless banking experience in line with their evolving needs and expectations.

The new digital e-voucher service caters to different consumer segments through categories available on the “Arabi Mobile” App, including: e-gaming, entertainment platforms such as music, movies, video on-demand and live streaming, e-commerce platforms, in addition to Audiovisual communications platforms. The “Arabi Mobile” App offers flexible e-voucher purchase options that include paying directly from an Arab Bank account, through Arab Bank credit card or by using “Arabi Points” to transfer the needed loyalty points to their equivalence in cash. This is in addition to purchasing e-vouchers at preferential rates and benefiting from Arab Bank’s offers that enable “Arabi Mobile” users to receive cashback of a certain amount accredited automatically to their account.

Commenting on this new service, Mohamed Elhalawane, Head of Consumer Banking at Arab Bank – Egypt, said: “We continuously seek to provide our customers with innovative digital banking solutions and services within the highest levels of flexibility and security.” He added: “The new e-voucher service is yet another value-added addition to Arabi Mobile’s digital features which are in line with our customer’s evolving needs and expectations.”

It is worth mentioning that the bank’s “Arabi Mobile” App offers a host of digital banking solutions that enable customers to conduct their transactions digitally around the clock from anywhere using smartphones and tablets within the highest levels of flexibility and security. Arab Bank has also recently received the “Best Consumer Digital Bank in Egypt 2021” award by New York-based Global Finance Magazine.

Jan 16, 2022
Arab Bank Launches Its E-Voucher Service Through “Arabi Mobile” App