The Arab Bank Group posted positive results in the first half of 2022 as “net profit after tax was $252 million compared to $182.4 million as of June 30, 2021, achieving a growth of 38%, and the group also maintained strong financial position. Equity amounted to 10.2 billion US dollars.
The credit facilities showed “an increase of 6% by the end of the first half of 2022 and reached $35.7 billion compared to $33.8 billion in the same period of the previous year. This growth is in line with the bank’s prudent strategy to expand by offering products and services to a wide range of customers while maintaining geographic and industry diversity, while customer deposits increased to $47.1 billion as of June 30, 2022 from 46 billion USD at the end of June 30, 2021, with a growth rate of 2% competitiveness, focusing on a diversified and stable deposit base.
Commenting on these results, Arab Banks Group Chairman Sabih Al-Masri said that “the positive results achieved by the bank in the first half of 2022 reflect the resilience of the growth process and evidence of the bank’s progress in diversifying its sources of income, despite a marked acceleration in the global pace inflation, which affects the performance of the banking sector.
For her part, Randa Al-Sadiq, Chief Executive Officer of the Arab Bank, said that “The Arab Bank Group achieved good operational performance, recording growth of 6 percent in its various sectors of activity as a result of increased net income.” interest income by 4 percent and net fees by 17 percent, in line with the bank’s strategy to diversify sources of income and provide appropriate financial solutions that meet customer needs, in addition to the bank’s continued control of operating expenses.
Al-Sadiq noted that operating income growth is based on a solid asset base and is supported by strong liquidity, reflecting the achievement of higher profitability, as the loan-to-deposit ratio reached 75.9 percent, while the NPL coverage ratio exceeded 100 percent.
She stated that “the group maintains a strong capital base, most of which is concentrated within the core capital, where the capital adequacy ratio under the Basel III guidelines reached 16.4%, which is above the minimum required under the instructions of the Central Bank of Jordan.”
Al-Sadiq added: “As part of the bank’s strategy, in which digital transformation is an important focus, the bank has continued to launch a range of integrated banking programs and solutions, complemented by the latest digital services and channels, to provide a unique banking experience within the highest level of simplicity and security for various segments and sectors. Arab Bank recently launched Interactive banking apps, the first of its kind in Jordan, including the Arabi Next app for the SME sector and the Arabi Junior app for children and teens, in addition to releasing continuous app updates “Reflect”, the first Neobank in Jordan to include new additional features.
In conclusion, Sobey Al-Masri affirmed, “Arab Bank has over 90 years of comprehensive banking experience with all the variables and circumstances that have allowed it to achieve sustainable profits”, praising the effectiveness of the bank’s business model at the local level. and regionally.
Source: El Iktisad
