Press Release — Arab Bank Group reported
a net income after tax of $544.3 million in 2022, according to a press
statement. This marks a significant increase from the $314.5 million in 2021.
اضافة اعلان
The group’s performance was driven by
growth in its core banking business across different markets.
Net profit before provisions and tax also rose by 23 percent to reach $1.35
billion in 2022. Despite the volatile operating environment, loans and deposits
at the bank grew by 5 percent to reach $35.4 billion and $47.7 billion,
respectively, when excluding the impact of the devaluation of several
currencies against the US dollar, the statement added.
In light of these results, the bank's
board of directors has recommended a distribution of 25 percent cash dividends
for the fiscal year 2022 to shareholders.
Sabih Masri, chairman of the board of
directors, noted that Arab Bank was able to achieve several key strategic
objectives in 2022 despite the challenges that emerged during the year. He
attributed the success to the bank's unique footprint, diversified franchise,
and rooted presence in several markets.
Randa Sadik, CEO of Arab Bank, stated
that the bank will continue to deliver sustainable growth rates in 2022 despite
economic challenges stemming from high inflation, increased interest rates, and
the devaluation of several currencies against the US dollar.
She attributed the bank's net
operating profit growth to revenues from its core banking business, diversified
sources of income, and a focus on controlling operating expenses in line with
the bank's prudent strategy.
The bank's liquidity and
asset quality remain solid, she said, with a loan-to-deposit ratio of 74.2
percent and credit provisions held against non-performing loans that continue
to exceed 100 percent. Arab Bank Group also maintains a strong capital base,
predominantly composed of common equity, with a capital adequacy ratio of 16.6
percent.
Sustainable finance
frameworkIn addition to its financial
performance, Arab Bank, said Sadik, is also committed to sustainability and has
launched its inaugural sustainable finance framework in line with international
principles, guidelines, and best practices.
As the first bank in Jordan
to adopt such a framework, Arab Bank obtained a Second Party Opinion from
S&P Global Ratings, which affirmed the framework's alignment with the
related international principles, the statement said.
The bank has also launched
several digital banking services “to meet the evolving needs of its customers
and has been recognized for its efforts,” the statement said, noting that the
bank was named "Best Bank in the Middle East 2022" for the seventh
consecutive year by New York-based international publication "Global
Finance".
The bank has also received
several awards for its corporate and consumer digital banking services in
Jordan and across the MENA region.
The 2022 financial statements
are subject to the approval of the Central Bank of Jordan.
Disclaimer:
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