<\/p>\n
Arab Bank Group achieved solid results for the year ending December 31, 2023, reporting a growth of 52% in net income after tax of $829.6 million as compared to $544.3 million in 2022.<\/span><\/p>\n The Group\u2019s performance was driven by sustainable growth in the underlying business across different markets, as net profit before provisions and tax improved by 34% to reach $1.81 billion. Total Assets grew by 6% to reach $68.3 billion, loans grew by 5% to reach $37.1 billion, and deposits grew by 6% to reach $50.6 billion. While total Group equity stood at $11.4 billion.<\/span><\/p>\n In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2023.<\/span><\/p>\n Mr. Sabih Masri, Chairman of Arab Bank, commented that the bank’s strong underlying performance reflects the successful execution of its strategy which focuses on delivering sustainable growth and building a resilient business model capable of generating positive results, while dealing with the regional and international challenges. He also noted that the bank\u2019s record net operating profit is a clear testament to its strong growth momentum across several markets, specially in the GCC region and international markets.<\/span><\/p>\n Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank delivered robust results during 2023, where the Bank\u2019s net operating profit grew by 34% driven by increase in core banking income across various sectors and markets, with a clear focus on enhancing non-interest income contribution and revenue diversification. This was achieved while the Bank continued to invest in transformation and maintaining a resilient balance sheet, which will position us for further growth in the future.\u00a0<\/span><\/p>\n Ms. Sadik added that the Group\u2019s liquidity and asset quality remains solid where loan-to-deposit ratio stood at 73.2% 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 17.5%.<\/span><\/p>\n Ms. Sadik also highlighted that as part of Arab Bank\u2019s commitment towards Sustainability and its Environmental, Social and Governance (\u201cESG\u201d) priorities, the bank successfully issued $250 million in sustainable Additional Tier 1 (AT1) Capital Securities. The issuance marks the first and largest sustainable perpetual AT1 issue in Jordan and was listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange.<\/span><\/p>\n With regard to the bank’s ongoing commitment towards digital transformation and providing value for its customers, Ms. Sadik noted the establishment of “Acabes International Pvt Ltd”, Arab Bank\u2019s technology arm, as a global capability center, supporting the bank\u2019s businesses worldwide. Arab Bank, in collaboration with “Acabes”, has recently launched an updated version of \u201cReflect\u201d offering more features and services to its users. This is in addition to launching “Arabi Shopix”, a first of its kind service in the Kingdom which offers Arab Bank customers, including merchants, the ability to build and design an e-commerce website as part of the host of integrated digital banking solutions designed to meet the needs of SMEs through the \u201cArabi SMEs\u201d program.<\/span><\/p>\n As part of the bank’s expansion strategy, and in line with the bank’s continuous efforts to expand its footprint in promising markets, Mr. Masri commented that the Bank is in the process of starting its operations in the Iraqi market during the year 2024, providing comprehensive banking solutions and services to its current and future customers. And in line with the group\u2019s focus on expanding its wealth management & private banking business, Mr. Masri noted that during 2023, Arab Bank Switzerland acquired the majority stake in the<\/span> family holding company which owns a deep-rooted Swiss bank “Gonet & Cie SA”. The new banking group will be a major actor in the Swiss wealth management industry,<\/span> with assets under management in excess of CHF 10 billion.<\/span><\/p>\n Arab Bank was named \u201cBank of the Year 2023 in the Middle East\u201d by the London-based \u201cThe Banker\u201d Magazine, owned by the Financial Times. The bank was also named \u201cBest Bank in the Middle East 2023\u201d for the eighth consecutive year by New York-based international publication \u201cGlobal Finance\u201d. Additionally, the bank received 18 awards in recognition of its corporate and consumer digital banking services in Jordan and the MENA region.<\/span><\/p>\n The bank\u2019s 2023 financial statements are subject to the approval of the Central Bank of Jordan.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Arab Bank Group achieved solid results for the year ending December 31, 2023, reporting a growth of 52% in net income after tax of $829.6 million as compared to $544.3 million in 2022. The Group\u2019s performance was driven by sustainable growth in the underlying business across different markets, as net profit before provisions and […]<\/p>\n","protected":false},"author":3,"featured_media":2464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[91,47,168,130,43,87,15,27],"tags":[186,1606,3334,1000],"class_list":["post-2463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arab-countries-en","category-banks-insurance-en","category-country","category-featured-en","category-finance-investment-en","category-gcc-en","category-press-releases","category-technology","tag-arab-bank","tag-business-results","tag-cash-dividends","tag-investment"],"yoast_head":"\n