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Arab Bank has recently received the “Best Bank in the Middle East 2024” award by New York-based international publication “Global Finance”, for the ninth consecutive year.

This global recognition was made by the editors of Global Finance after extensive consultations with corporate financial executives, banking consultants, and analysts throughout the world.

Global Finance considered several factors when selecting top banks, including asset growth, profitability, geographical coverage, strategic alliances, product innovation, and market expansion endeavors. The evaluation criteria also included the opinions of equity analysts, credit rating analysts, banking consultants, and industry participants.

Global Finance Awards cover more than 150 countries, territories and districts 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: "This global recognition for the ninth consecutive year is a testament to Arab Bank’s leading position across the MENA region banking landscape, reinforced by the bank's robust business model and its ability to achieve solid results despite regional and global challenges." Ms. Sadek added: “Through our established institutional approach and ambitious strategy, we are committed to providing integrated banking services across various sectors, delivering a comprehensive banking experience for customers supported by the latest digital banking solutions, both locally and regionally. "

It is worth mentioning that The Banker Magazine, owned by the Financial Times and based in London, has also named Arab Bank as Bank of the Year in the Middle East for 2023. 

Arab Bank, headquartered in Amman - Jordan, was established in 1930 and has one of the largest global Arab banking networks with over 600 branches. Arab Bank’s extensive network covers key financial markets and centers such as London, Singapore, Shanghai, Geneva, Paris, Sydney, Dubai, and Bahrain.
May 14, 2024
Arab Bank “Best Bank in the Middle East 2024”

Arab Bank Group reported solid results for the first quarter of 2024, with 17% increase in net income after tax reaching $252.8 million as compared to $216.3 million for the same period last year. The Group maintained its strong capital base with a total equity of $11.3 billion.

At constant currency the Group’s loans grew by 7% to reach $37.1 billion, and deposits grew by 6% to reach $49.8 billion.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that Arab Bank’s first quarter 2024 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 from multiple markets mainly from the GCC region. 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 Arab Bank delivered robust results during the first quarter 2024, where the bank’s net operating profit grew by 10% 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.

Ms. Sadik added that the Group’s liquidity and asset quality remain solid where loan-to-deposit ratio stood at 74.5% 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 17.8%.

Ms. Sadik emphasized on the bank’s commitment towards innovation and digital transformation, highlighting the bank’s ongoing investment in technology and its strategic focus on customer-centric innovations offering seamless banking experiences to customers across various sectors. 

Apr 28, 2024
ARAB BANK GROUP PROFITS GROW BY 17% TO $252.8 MILLION FOR THE FIRST QUARTER OF 2024

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’s 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.

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.

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’s record net operating profit is a clear testament to its strong growth momentum across several markets, specially in the GCC region and international markets.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank delivered robust results during 2023, where the Bank’s 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.

Ms. Sadik added that the Group’s 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%.

Ms. Sadik also highlighted that as part of Arab Bank’s commitment towards Sustainability and its Environmental, Social and Governance (“ESG”) 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.

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’s technology arm, as a global capability center, supporting the bank’s businesses worldwide. Arab Bank, in collaboration with "Acabes", has recently launched an updated version of “Reflect” 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 “Arabi SMEs” program.

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’s focus on expanding its wealth management & private banking business, Mr. Masri noted that during 2023, Arab Bank Switzerland acquired the majority stake in the 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, with assets under management in excess of CHF 10 billion.

Arab Bank was named “Bank of the Year 2023 in the Middle East” by the London-based “The Banker” Magazine, owned by the Financial Times. The bank was also named “Best Bank in the Middle East 2023” for the eighth consecutive year by New York-based international publication “Global Finance”. Additionally, the bank received 18 awards in recognition of its corporate and consumer digital banking services in Jordan and the MENA region.

The bank’s 2023 financial statements are subject to the approval of the Central Bank of Jordan.

Jan 28, 2024
ARAB BANK GROUP REPORTS NET PROFITS OF $829.6 MILLION FOR 2023, 30% CASH DIVIDENDS

The Banker Magazine, owned by the Financial Times and based in London, named Arab Bank as Bank of the Year in the Middle East for 2023. The announcement came during The Banker’s “Bank of The Year Awards 2023” ceremony held recently in London and attended by several senior representatives from leading banks from all over the world. 

The Banker’s judging panel’s decision to honor Arab Bank with this highly coveted regional award was based on criteria assessing a number of different indicators, including the Bank’s financials, strategy and performance, in addition to other specific indicators, a process that takes over 5 months to conduct.  

The Banker Magazine, for more than 90 years, has been the world's longest-running international banking title and the leading monthly journal of record for the global banking industry.

Commenting on this recognition, Ms. Randa Sadik, Arab Bank’s Chief Executive Officer, said: Such global recognition is a testament to the leading position Arab Bank enjoys both locally and regionally. It reflects the bank’s consistent ability to deliver solid performance despite the challenging circumstances across the region and the world.”  She added, “The bank continues to provide a wide range of  banking solutions to its customers in line with its comprehensive strategy and its well-established institutional approach, with an ambitious, forward looking vision that keeps pace with the latest technological developments in the banking industry."

Arab Bank received significant recognition and awards from various reputed international and regional institutions during last year, including Best Bank in the Middle East for 2023 from New York-based Global Finance publication, for the eighth consecutive year.

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.