{"id":283,"date":"2023-07-29T15:04:05","date_gmt":"2023-07-29T13:04:05","guid":{"rendered":"https:\/\/sahfy.net\/news\/?p=283"},"modified":"2023-07-29T15:10:38","modified_gmt":"2023-07-29T13:10:38","slug":"arab-bank-group-profits-grow-by-59-to-401-million-for-the-first-half-of-2023","status":"publish","type":"post","link":"https:\/\/sahfy.net\/news\/?p=283&lang=en","title":{"rendered":"ARAB BANK GROUP PROFITS GROW BY 59% TO $401 MILLION FOR THE FIRST HALF OF 2023"},"content":{"rendered":"<p><strong>\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Cairo, Egypt, 29 July 2023:<\/strong> Arab Bank Group reported solid results for the first half of 2023, The Group\u2019s strong performance was driven by robust growth in its core banking business across different markets, as net profit after tax increased by 59% reaching $401 million as compared to $252 million for the same period last year.<\/p>\n<p>The Group maintained its strong capital base with a total equity of $10.6 billion. Loans grew to $36.1 billion and deposits reached $48.3 billion.\u00a0Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 2% &amp; 5%, respectively.<\/p>\n<p>Mr. Sabih Masri, Chairman of the Board of Directors, stated that the solid financial performance during the first six months underscores the resilience of the bank\u2019s diversified business model that is based on prudent risk management practices and focused on achieving sustainable growth. Mr. Masri emphasized on the bank\u2019s commitment towards the execution of its innovation and digital transformation strategy to deliver the best banking experience to our clients.<\/p>\n<p>Ms. Randa Sadik, Chief Executive Officer, stated that the strong financial results despite the volatility in the operating environment is a testament to the bank\u2019s robust assets base and strong capitalization. Ms. Sadik highlighted that the bank\u2019s net operating income grew by 50% driven by diversified core banking activities coupled with controlled operating expenses. Provisions held during the period reflect the bank\u2019s prudent risk management strategy against the increased economic uncertainty witnessed globally and regionally.<\/p>\n<p>Ms. Sadik added that the bank is well positioned for sustained earnings growth with the support of its solid financial position, strong capitalization, and high liquidity levels. The Group\u2019s loan-to-deposit ratio stood at 74.7% 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%.<\/p>\n<p>In line with the bank\u2019s commitment towards sustainability, Arab Bank recently released its 13<sup>th<\/sup> annual sustainability report featuring its achievements during 2022 on the environmental, social, and governance (ESG) fronts.<\/p>\n<p>Arab Bank was named the \u201cBest Bank in the Middle East for 2023\u201d by Global Finance magazine for the eighth consecutive year. The bank also received the \u201cBest ESG Integration in Jordan\u201d award from The Arab Federation of Capital Markets in collaboration with the Global Economics Magazine.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 &nbsp; Cairo, Egypt, 29 July 2023: Arab Bank Group reported solid results for the first half of 2023, The Group\u2019s strong performance was driven by robust growth in its core banking business across different markets, as net profit after tax increased by 59% reaching $401 million as compared to $252 million for the same [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[47,39,43,87,11,15],"tags":[186],"class_list":["post-283","post","type-post","status-publish","format-standard","hentry","category-banks-insurance-en","category-business-economy-en","category-finance-investment-en","category-gcc-en","category-news","category-press-releases","tag-arab-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ARAB BANK GROUP PROFITS GROW BY 59% TO $401 MILLION FOR THE FIRST HALF OF 2023 - sahfy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sahfy.net\/news\/?p=283&lang=en\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ARAB BANK GROUP PROFITS GROW BY 59% TO $401 MILLION FOR THE FIRST HALF OF 2023 - sahfy\" \/>\n<meta property=\"og:description\" content=\"\u00a0 &nbsp; Cairo, Egypt, 29 July 2023: Arab Bank Group reported solid results for the first half of 2023, The Group\u2019s strong performance was driven by robust growth in its core banking business across different markets, as net profit after tax increased by 59% reaching $401 million as compared to $252 million for the same [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sahfy.net\/news\/?p=283&amp;lang=en\" \/>\n<meta property=\"og:site_name\" content=\"sahfy\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-29T13:04:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-29T13:10:38+00:00\" \/>\n<meta name=\"author\" content=\"Sahfy Sahfy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u0643\u064f\u062a\u0628 \u0628\u0648\u0627\u0633\u0637\u0629\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sahfy Sahfy\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u0648\u0642\u062a \u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0645\u064f\u0642\u062f\u0651\u0631\" \/>\n\t<meta name=\"twitter:data2\" content=\"\u062f\u0642\u064a\u0642\u062a\u0627\u0646\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/sahfy.net\/news\/?p=283&lang=en#article\",\"isPartOf\":{\"@id\":\"https:\/\/sahfy.net\/news\/?p=283&lang=en\"},\"author\":{\"name\":\"Sahfy Sahfy\",\"@id\":\"https:\/\/sahfy.net\/news\/#\/schema\/person\/e010cfaee71765ed4f2af1e54f173967\"},\"headline\":\"ARAB BANK GROUP PROFITS GROW BY 59% TO $401 MILLION FOR THE FIRST HALF OF 2023\",\"datePublished\":\"2023-07-29T13:04:05+00:00\",\"dateModified\":\"2023-07-29T13:10:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/sahfy.net\/news\/?p=283&lang=en\"},\"wordCount\":394,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/sahfy.net\/news\/#organization\"},\"keywords\":[\"ARAB BANK\"],\"articleSection\":[\"Banks &amp; 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