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ArabBank
Lebanon

 

Arab Bank Group reported net income after tax of $271.7 million as compared to $215.2 million for the same period last year, recording a growth of 26%. Arab Bank consolidated the financial statements of Oman Arab Bank under its Group accounts increasing total assets by $8.4 billion to reach $63.7 billion compared to $52.5 billion for the same period last year.

Customer deposits grew by 24% to reach $46.6 billion, while loans grew by 28%, to reach $34.1 billion. The consolidation of Oman Arab Bank has materially increased customer deposits and loans by $7 billion and $7.5 billion, respectively.

Mr. Sabih Masri, Chairman of the Board of Directors remarked that the solid results demonstrate the bank’s strategic directive to maintain sustainable growth despite the challenging environment and highlighted that the bank continued focus on its digital transformation strategy.

Mr. Nemeh Sabbagh, Chief Executive Officer, commented that the Bank robust performance confirms its effectiveness in operating in a challenging economic environment with net operating income increasing by 6% to reach $856.9 Million. He added that the Group enjoys high liquidity and a strong capital base with a loan to deposit ratio of 73.1%, equity of $10.4 billion, and a capital adequacy ratio of 16.8%. The Group continues to hold credit provisions against non-performing loans in excess of 100%.

Mr. Sabbagh also noted that the bank has launched Reflect, the first Neobank in Jordan, which provides a branchless experience to millennials and facilitates their daily lifestyle activities from one banking app.

Mr. Masri highlighted Arab Bank's capacity to successfully overcome challenges and achieve strong results and stressed Arab Bank's commitment to its customers and shareholders.

Oct 31, 2021
Arab Bank Group profits grow by 26% for nine months 2021
 
New York-based Global Finance magazine recently awarded Arab Bank the “Best Bank in the Middle East 2021” award, for the sixth year in a row. 

This global recognition came as part of Global Finance’s 28th Annual Best Bank Awards and was made by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world. In selecting top banks, Global Finance considered factors that ranged from the quantitative objective to the informed subjective.

The objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.

Global Finance Awards cover more than 150 countries and territories 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 achievement, Mr. Nemeh Sabbagh, Arab Bank’s Chief Executive Officer said: “Receiving this global recognition for the sixth consecutive year is a testament to the strength of the bank’s business model and its ability to deliver strong performance across its regional network despite the exceptional circumstances and challenges posed by the COVID-19 global pandemic”. Sabbagh added: "The bank continues to provide comprehensive banking solutions to its customers across various sectors locally and regionally, in addition to its focus on keeping pace with the latest technological developments in the banking industry, in line with its comprehensive strategy and ambitious future vision."

It is worth mentioning that Arab Bank, headquartered in Amman - Jordan, was established in 1930 and has one of the largest global Arab banking networks with over 600 branches spanning five continents. Arab Bank’s extensive network covers key financial markets and centers such as London, Singapore, Shanghai, Geneva, Paris, Frankfurt, Sydney, Dubai and Bahrain.
 
Aug 15, 2021
For the Sixth Consecutive Year Arab Bank “Best Bank in the Middle East 2021”
 
 
Arab Bank Group reported net income after tax of $182.4 million as compared to $152.1 million for the same period last year, recording a growth of 20%. During the first quarter of 2021, Arab Bank consolidated the financial statements of Oman Arab Bank under its Group accounts increasing total assets by $8.2 billion to reach $63 billion compared to $51.6 billion for the same period last year. Oman Arab Bank has also recently finalized the acquisition of Al Izz Islamic Bank, a full-fledged Islamic bank, strengthening its presence in the Sultanate of Oman.

Customer deposits grew by 28% to reach $46 billion, while loans grew by 27%, to reach $33.8 billion. The consolidation of Oman Arab Bank has materially increased customer deposits and loans by $7 billion and $7.2 billion, respectively.
Mr. Sabih Masri, Chairman of the Board of Directors remarked that the solid results demonstrate the strength of the Bank’s diversified business model and the Bank’s resilient performance in this challenging economic environment.

Mr. Nemeh Sabbagh, Chief Executive Officer, commented that despite the negative economic consequences of the pandemic, the Bank's robust performance confirms its effectiveness in operating in a challenging economic environment as net operating income increased by 6% to reach $579.8 million. He added that the Group enjoys high liquidity and a strong capital base with a loan to deposit ratio of 73.5%, equity of $10.3 billion, and a capital adequacy ratio of 16.7%. Mr. Sabbagh also noted that the Group continues to hold credit provisions against non-performing loans in excess of 100%.
Mr. Masri expressed his confidence in the Group’s ability to maintain its solid financial indicators. He also concluded by remarking that the Group will remain committed to sustainable community development, and to fostering the interests of its customers, shareholders and communities.
Arab Bank has recently issued its eleventh annual sustainability report, which provides a summary of the Bank's performance and achievements in the social, environmental and economic fields for the year 2020.

During the Board meeting which took place on 29th July 2021, the Board approved the appointment of Mr. Mahmoud Malhas as board member and he was elected as Deputy Chairman of the Board.

Mr. Nemeh Sabbagh, the Chief Executive Officer of Arab Bank also informed the Board during the meeting of his desire to retire at the end of the year. Mr. Sabbagh has had a distinguished 47 year international career in banking and finance and has been the CEO of Arab Bank for the past 12 years.

Mr. Sabbagh recommended to the Board the appointment of Ms. Randa Sadik as his successor. Ms. Sadik has been holding the position of Deputy Chief  Executive Officer since 2010. The recommendation was welcomed by the Board of Directors.
 
Aug 1, 2021
Arab Bank Group first half 2021 net profits grow by 20%
Arab Bank Group has consolidated the financial statements of Oman Arab Bank under Group accounts in the first quarter of 2021. Oman Arab Bank has also recently finalized the acquisition of Al Izz Islamic Bank, a full-fledged Islamic bank, accordingly strengthening its presence in the Sultanate of Oman, in line with Arab Bank’s strategy to reinforce its business in the Gulf region. The consolidation of Oman Arab Bank under the Group accounts has materially increased the size of Group balance sheet during this period, with total assets increasing by $8.1 Billion and loans and deposits each increasing by $7.1 Billion.

Arab Bank Group reported net income after tax of $128.3 million as compared to $147.6 million for the same period last year, recording a drop of 13%. Customer deposits grew by 30% to reach $45.8 billion as compared to $35.2 billion, while loans grew by 28% to reach $33.5 billion as compared $ 26.2 billion.

Mr. Sabih Masri, Chairman of the Board of Directors remarked that the results of Arab Bank reflect the Bank’s resilient performance in this challenging economic environment, as compared to the pre-covid normal operating environment which prevailed in the first quarter of the last year.

Mr. Nemeh Sabbagh, Chief Executive Officer, commented that while operating revenue continues to be impacted by low interest rates and a higher cost of risk, the Bank’s performance demonstrates its robust fundamentals, its highly liquidity and its strong capital base with equity of $10 billion, capital adequacy of 16.4%, and a loan to deposit ratio of 73.1%. 

Mr. Masri concluded by expressing his optimism in future economic prospects, noting that the high pace of vaccination programs witnessed by countries around the world will hopefully lead to the gradual recovery of regional and global economies.
 
May 2, 2021
Arab Bank Group reports first quarter 2021 net profit of $128.3 million

Arab Bank Group closed 2020 reporting net income after tax of $195.3 million as compared to $846.5 million in 2019, recording a drop of 77%.  Group equity grew to reach $9.4 billion.

The Board of Directors has recommended to the shareholders the distribution of 12% cash dividends for the financial year 2020.

The year 2020 was challenging for the global and regional banking sectors due to economic contraction, higher cost of risk, and lower interest rates in addition to the plunge in oil prices since the outbreak of the pandemic.

The Bank entered the crisis from a position of strength, with stable credit quality coupled with sound liquidity and capital ratios. The drop in profits is attributable to the build up of higher provisions, driven by the deterioration of the macro-economic environment regionally and globally, and to lower revenues from interest and fee income due to the Covid-19 pandemic and to lower market interest rates and weakening oil prices.

Group net operating income is at $ 1,007 million, 25% lower than the prior period as a result of a decrease in net interest and commission income, and the drop in the contribution of the bank’s associates in the Gulf.  Customer deposits grew by 7% to reach $ 38.7 billion as compared to $ 36.2 billion, while loans grew by 1% to reach $26.5 billion as compared $ 26.1 billion. The Group maintained its strong and robust capital base with equity of $9.4 billion and a capital adequacy ratio of 16.8% calculated in accordance with Basel III regulations. The Group enjoys high liquidity with a loan-to-deposit ratio of 68.4%, while credit provisions held against non-performing loans continue to exceed 100%.

Mr. Sabih Masri, Chairman of the Board of Directors remarked that the Covid-19 pandemic has had a material impact on businesses around the world and the economic environments in which they operate. In an effort on safeguard their economies, governments and regulatory authorities launched various programs to mitigate the impact of the crisis. He added that the bank dealt with these challenges while maintaining its strong liquidity and capital positions.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the Group took several strategic initiatives to help mitigate these unprecedented economic and market conditions, safeguarding its healthy liquidity and capital ratios, maintaining resilient asset quality metrics, and scaling up digital banking initiatives and channels across the Group.

Mr. Sabbagh also highlighted that the increased provisions taken across the Group are in accordance with the guidelines of International Financial Reporting Standard # 9, and as per the bank’s internal expected credit loss model, and include general provisions built due to the current economic situation in Lebanon.

Arab Bank was careful to support both its corporate and consumer customers who were impacted by the pandemic. Arab bank was also actively involved in community programs inline with initiatives by governments and regulators to alleviate the burden on customers by restructuring, deferring or reducing instalments and by lowering interest rates for the most exposed sectors, especially small and medium-sized companies.

Arab Bank Group has also donated $25 million as part of its social responsibility in support of national efforts to combat the COVID-19 crisis and to mitigate its health, economic and social repercussions on citizens.

Mr. Masri concluded by stating that while the negative impact of the pandemic is unprecedented, its effect on the Group is well cushioned by the bank’s resilience, the strength of its franchise, and the success of its diversified business model. 

The 2020 financial statements are subject to the approval of the Central Bank of Jordan.

Jan 26, 2021
Arab Bank Group reports net profits of $195.3 million for 2020 12% cash dividends