Jordan Daily – Arab Bank Group reported a 25% rise in first-half net income after tax to $503 million, up from $401 million a year earlier, as it maintained a strong capital base with total equity of $11.5 billion.
Assets increased by 5% to $68.7 billion. Adjusting for constant currency, the Group’s loans expanded by 8% to $38.1 billion, and deposits grew by 6% to $50.5 billion , Arab Bank said in a statement.
Chairman Sabih Masri attributed the solid performance to prudent risk management, a diversified business model, and a focus on core banking activities. He emphasized the Group’s ability to deliver strong results, reinforcing its market-leading position.
CEO Randa Sadik noted that the robust results were driven by a solid asset base and strong capitalization. She highlighted an 11% growth in net operating profit, fueled by core banking activities and controlled operating expenses. Sadik also pointed to the successful implementation of the bank’s digital strategy, enhancing its digital solutions across various segments.
Sadik added that the Group’s strong balance sheet, solid capitalization, and high liquidity levels position it well for sustainable growth. The loan-to-deposit ratio was 75.4%, with credit provisions against non-performing loans exceeding 100%. Arab Bank Group’s capital adequacy ratio stood at 17.5%, predominantly composed of common equity.
Arab Bank recently received the “Best Bank in the Middle East 2024” award from Global Finance, marking the ninth consecutive year of recognition by the New York-based publication.
