Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting net income after tax of $630.3 million compared to $405.8 million for the same period last year with an increase of 55%.

The Group maintained its strong capital base with a total equity of $10.8 billion. Loans grew to $36.3 billion and deposits reached $49 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 4% & 5%, respectively.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that the results underscore the bank’s success in pursuing its growth strategy, despite the challenging environment.

Ms. Randa Sadik, Chief Executive Officer, stated that the bank succeeded in delivering continued growth through its operating entities and across different segments. This is inline with the bank’s objective to achieve sustainable results across all business lines. Ms. Sadik added that the Group continues to benefit from the diversified business model and its prudent risk strategy with key indicators remaining strong where loan-to-deposit ratio stood at 74%, and credit provisions held against non-performing loans continue to exceed 100%, and capital adequacy ratio of 16.9%.

It is worth noting that Arab Bank announced recently the successful issuance of its $250 million in Additional Tier 1 (AT1) Capital Securities with a fixed coupon of 8%. The issuance was through a private placement and was listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange. The bond’s proceeds will be used to finance a portfolio of qualified sustainable projects.

Arab Bank announced the successful issuance of USD 250 million in Additional Tier 1 (AT1) Capital Securities. The milestone marks the first sustainable perpetual AT1 issue in Jordan.

The bond, which was issued through a private placement, is listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange. The bond, which offers investors an interest rate of 8%, attracted a diverse group of investors, including large institutional and individual investors from Jordan and several other countries where Arab Bank operates.

The issuance is intended to further strengthen the bank’s capital base and diversify its sources of funding, to support its future plans for regional growth and expansion.

Arab Bank’s Chairman Sabih Masri expressed his gratitude towards investors and stated: "The overwhelming demand for this issuance, which exceeded the issue size, underscores the deep-rooted confidence that local and regional investors bestow upon Arab Bank.” He also extended his sincere thanks to the Central Bank of Jordan and Jordan Securities Commission for their instrumental support.

“We are proud to receive such a strong vote of confidence from investors in response to this significant issuance” commented Ms. Randa Sadik, Arab Bank’s CEO.  The proceeds of the issuance will be used to finance a portfolio of qualified sustainable projects, in line with Arab Bank’s strategy to integrate Environmental, Social and Governance (ESG) principles across the organisation.

"In the upcoming period, we anticipate further initiatives, which will further boost the bank’s performance across the various business sectors” Ms. Sadik added. “Our emphasis will remain on expanding into new markets, diversifying our revenue streams and continuing to provide comprehensive banking services and solutions, supported by integrated digital platforms and channels."

Arab Bank, headquartered in Amman Jordan, was established in 1930 and currently has one of the largest global Arab banking networks with over 600 branches spanning five continents and covering key financial markets and centres. Earlier this year, Arab Bank was named the “Best Bank in the Middle East for 2023” by Global Finance magazine for the eighth consecutive year.

Arab Bank has recently received the “Best Bank in the Middle East 2023” award by New York-based international publication “Global Finance”, for the eighth consecutive year.

The editors of Global Finance made this global recognition after extensive consultations with corporate financial executives, 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.

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

Commenting on this recognition, Ms. Randa Sadik, Arab Bank’s Chief Executive Officer, said: "We are proud to receive this global recognition for the eighth consecutive year. It is a true testament to the sustainable growth of our operations and the solid performance of our regional network across the MENA region." Ms. Sadik added: “We are committed to providing comprehensive banking solutions that cater to the diverse needs of our customers across various sectors, locally, regionally, and globally. Aligned with our vision to maintain a leading position and to enrich our customers' banking experience, we will continue to embrace the latest technological advancements and contribute to driving sustainable economic, social, and environmental development in line with our strategy and ambitious future vision."

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 over 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.

Arab Bank Group reported solid results for the first quarter 2023, with 30% increase in net income after tax reaching $216 million as compared to $166 million for the same period last year.

The Group maintained its strong capital base with a total equity of $10.4 billion. Loans grew to $35.4 billion and deposits reached $47.7 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 3% & 4%, respectively.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that Arab Bank’s first quarter 2023 performance was strong despite the challenging environment for banks globally and regionally. He also added that the results reflect the bank’s resilience and ability to deliver sustainable growth. Mr. Masri commented that the bank remains committed towards serving customers’ evolving needs, and continuing to invest in innovation and digital transformation.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank continued to deliver sustainable growth rates during 2023 despite the continued elevated inflation & interest rates. Ms. Sadik commented that the bank’s net operating profit grew by 50% driven by the growth in revenues from its core banking business as well as disciplined control of operating costs, where provisions held during the period reflect the bank’s prudent strategy against the increased economic uncertainty witnessed globally and regionally.

Ms. Sadik added that the Group’s liquidity and asset quality remains solid where loan-to-deposit ratio stood at 74.1% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 16.8%.

Ms. Sadik also highlighted Arab Bank’s commitment towards innovation and digital transformation through expanding digital banking services and solutions inline with the latest trends and developments. She also noted that the bank is offering initiatives for FinTech entrepreneurs to present their ideas to develop them into innovative FinTech solutions and products.

Arab Bank has recently opened Arkan Plaza branch in its new location in the heart of Sheikh Zayed City. The opening comes as part of the bank’s strategy to reinforce its branch network and self-service branches across Egypt and provide advanced banking services within the highest levels of flexibility and privacy.

In addition to the usual banking services, the new branch offers a dedicated area for “Elite” program customers, dedicated staff for “Arabi Premium” program customers, and a transactional kiosk 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, Yasmine Nouman, Head of Branch Network at Arab Bank – Egypt, said: “The opening of Arkan Plaza branch in the new location comes as part of Arab Bank’s constant efforts to provide its customers with an integrated banking experience that meets their evolving needs in line with the latest technologies in the banking industry.” She added: “The new branch offers our customers a modern and unique banking experience through its comprehensive services that cater to the needs of the different segments and sectors, as part of the bank’s expansion plans.”

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 entities, most notably “Best Bank in the Middle East 2022” for the seventh consecutive year and “Best Consumer Digital Bank in Egypt 2022” by New York-based Global Finance Magazine.

Arab Bank recently organized a blood donation drive entitled "Donate to Impact", which took place at the bank’s head office in New Cairo. The initiative was held in collaboration with the blood transfusion center at Kasr El Aini Hospital and under the supervision of specialized medical staff.  

The campaign witnessed great participation from employees who were able to donate and took part based on their belief in their humanitarian role in supporting hospitals and patients in need of blood transfusion. During the event, the bank has also taken all precautionary measures to ensure a safe environment for all parties.

The launch of this initiative comes as part of Arab Bank's social responsibility and its continuous commitment towards supporting the health sector and cultivating a culture based on the humanitarian values of volunteering among its employees.

Arab Bank has recently opened Maadi branch in its new location on 68 Maadi 9 Street. 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 and 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” program 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 new branch, Mr. Mohamed Elhalawane, Head of Consumer Banking at Arab Bank – Egypt, stated: “The opening of Maadi branch in its new location comes as part of Arab Bank’s ongoing efforts to provide its customers with the latest banking services and solutions that meet their evolving needs and expectations in line with the latest technological advancements in the banking industry.” He added: “The new branch in its modern design and integrated digital offering provides with a host of banking services that enable us to offer our customers a comprehensive banking experience.”

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 has also been equipped with the latest digital banking services.

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 owns one of the largest global Arab banking networks with over 600 branches spanning five continents.

Arab Bank Group achieved solid results for the period ending December 31, 2022, with net income after tax of $544.3 million as compared to $314.5 million in 2021. The Group’s performance was driven by robust growth in its core banking business across different markets, as net profit before provisions and tax increased by 23% to reach 1.35 billion US dollars.

Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 5% to reach $35.4 billion and $ 47.7 billion, respectively, despite the volatile operating environment.

In view of these results, the Board of Directors has recommended to the shareholders, the distribution of 25% cash dividends for the financial year 2022.

Mr. Sabih Masri, Chairman of the Board of Directors, commented that Arab Bank was able to achieve several key strategic objectives in 2022 despite the challenges that emerged during the year. He also added that the results reflect the bank’s unique footprint as well as its diversified franchise and rooted presence in several markets. Mr. Masri stated that the bank remains committed to its strategic sustainable growth direction centered on serving customers’ evolving needs, and continuing to invest in innovation and digital transformation.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank continued to deliver sustainable growth rates during 2022 despite the economic challenges stemming from high inflation, increased interest rates and the devaluation in exchange rates of several currencies against the US dollar. The bank’s net operating profit grew by 23% driven by the growth in revenues from its core banking business, its diversified sources of income, with focus on non-interest income, as well as controlling operating expenses in line with the bank's prudent strategy.

Ms. Sadik added that the Group’s liquidity and asset quality remains solid where loan-to-deposit ratio stood at 74.2% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 16.6%

Ms. Sadik also highlighted that as part of Arab Bank’s commitment towards Sustainability and its Environmental, Social and Governance (“ESG”) priorities, the bank has launched its inaugural Sustainable Finance Framework, in line with international principles, guidelines and best practices. Arab Bank is the first bank in Jordan to adopt such a Framework and the bank has obtained a Second Party Opinion from S&P Global Ratings, which has affirmed the Framework’s alignment with the related international principles. 

With regard to the bank's digital transformation efforts, Ms. Sadik stated that the bank continues to implement its ambitious strategy on this front, noting that during the year the bank launched several digital banking services and solutions across various markets to meet the evolving needs and expectations of the different customer segments, including youth, inline with the latest trends and developments.  

Arab Bank was named “Best Bank in the Middle East 2022” for the seventh consecutive year by New York-based international publication “Global Finance”. The bank also received several awards in recognition of its corporate and consumer digital banking services in Jordan and across the MENA region.

The 2022 financial statements are subject to the approval of the Central Bank of Jordan.