The Arab Bank Group has announced its financial results for the year 2024, achieving a distinguished financial performance and growing in various business sectors, as the group’s arms reached after the taxes and allocations of 1007.1 million US dollars compared to 829.6 million US dollars for the year 2023 and with a growth rate of 21%, and the group maintained the hardness of its center Financial for property rights of $ 12.1 billion.
The Arab Bank Group continued to grow during the year 2024, based on the strength and durability of the group’s financial center, the network of its branches, and its presence in many countries, where the operating profits increased by 7% to reach approximately 2 billion US dollars. With the exception of the impact of the change in the exchange rates of many currencies against the US dollar, the assets of the group increased, as at the end of the year 2024 by 6% to reach 71.2 billion US dollars, and the total facilities portfolio increased by 6% to reach 38.3 billion US dollars, while customer deposits increased 5% to reach $ 52.2 billion.
In light of these preliminary financial results subject to the approval of the Central Bank of Jordan, the Board of Directors of the Arab Bank recommended distributing cash dividends to shareholders by 40% for the year 2024.
Commenting on these results, Mr. Sobeih Al -Masry – Chairman of the Arab Bank’s Board of Directors said: The distinguished results achieved by the Arab Bank Group during the year 2024 are the culmination of his career with achievements and reflects the success of his policies that are based on the multiplicity of its business activities, the diversity of its products, financing sources and revenue resources in Many of the countries in which they are. Al -Masry emphasized the group’s continued positioning at the forefront of priorities and focusing on the group’s strategy aimed at achieving sustainable profits for its shareholders and continuing to grow in operational profits within many areas that work in it, especially the Arab Gulf region. Al -Masry pointed to the role played by the group in terms of environmental and social sustainability, governance, building a culture of sustainability and enhancing its practices within the group’s operations. Al -Masry added that, as part of the group’s strategy for expansion and growth, the Arab Bank has completed obtaining the final license to practice banking work in the Republic of Iraq, where work will start at the beginning of the year 2025, in addition to strengthening the management of wealth and private banking services through the expected integration between the “Guné Bank” – owned by the bank Al-Arabi Switzerland- with the Swiss Bank.
For its part, Miss Randa Al -Sadiq, Executive Director General of the Arab Bank, indicated that the strong results achieved by the Arab Bank Group during the year 2024 came driven by remarkable growth in various income sources from various sectors and main work markets in addition to the disciplined approach in managing costs and risks. Where the group has achieved good growth in net operating profits, driven by the growth of net benefits and commissions as a result of improving lending levels, liquidity management efficiency, financing sources, and benefiting from the spread of the group in many markets.
Al -Sadiq added that the bank continued to register strong performance indicators in addition to the improvement in the quality of its credit portfolio and the percentage of allocations for the non -operating debt, which exceeds 100% without calculating the value of the guarantees, noting that the group maintains high liquidity levels, as the percentage of loans to deposits reached 73%, in addition to To a strong capital base, most of which are concentrated within the basic capital, as the percentage of capital adequacy reached 17.2%, according to Basel 3 instructions, which is higher than the minimum required according to the instructions of the Central Bank of Jordan.
With regard to the group’s strategy in terms of digital transformation, Al -Sadiq affirmed that the group focuses on enhancing the efficiency of its operations by employing digital technologies and artificial intelligence tools within an institutional framework for an organized digital transformation program at the level of all business sectors, and at the same time, the group continues to implement its digital strategy to provide services Digital banking that meets the aspirations of its customers and their financial needs. It should be noted that the Arab Bank Group and through the Aquas Capital Financial Technology Company – the technological arm of the Arab Bank – during the year 2024, it launched “Omnify”, which is an advanced digital banking solution platform that enables companies and non -banking bodies to provide banking services and financial solutions to their customers. The platform also provides a smooth and safe gate to provide banking services and financial solutions that enhance the scope of companies’ business and expand them to serve their customers in specific markets within the Middle East and North Africa region.
To complete the bank’s strategy for growth and enhance wealth management and private banking services, the Arab Bank – Switzerland, through the “Gonne Bank” signed an integration agreement with “OneE Swiss”, which is expected to enter into force in the middle of the year 2025, and this deal is a new milestone in The growth strategy of the Arab Bank, Switzerland, where this new banking group will have an active role in the wealth management industry.
It is noteworthy that the London -based Finger -based Finger Group, the Arab Bank recently awarded the title “Bank of the Year in the Middle East for the year 2024” for the second year in a row. The bank also won the Best Bank in the Middle East for the year 2024 from the New York -based Global Finance for the New York, in addition to the bank’s obtaining many prizes and different appreciation certificates from several prestigious international bodies.
It is noteworthy that these results are preliminary and are subject to the approval of the Central Bank of Jordan.