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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 - 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 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