Ramallah- “Jerusalem” dot com- The Arab Bank Group achieved positive results during the first half of the year 2022, as net profits after tax amounted to 252 million US dollars, compared to 182.4 million US dollars as on June 30, 2021, achieving a growth of 38%. The group maintained a strong financial position with equity amounting to 10.2 billion US dollars.

The credit facilities showed a growth of 6% by the end of the first half of the year 2022, to reach $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 with Maintaining a geographical and sectoral diversification, while customer deposits increased to reach $47.1 billion as of June 30, 2022, compared to $46 billion at the end of June 30, 2021, with a growth rate of 2%. The continued increase in deposits in most areas in which the bank is located reflects its ability Competitiveness by focusing on a diversified and stable deposit base.

Commenting on these results, Mr. Sobeih Al-Masry - Chairman of the Board of Directors stated: “The positive results achieved by the bank in the first half of the year 2022 reflect the sustainability of the growth process and evidence of the successes achieved by the bank in diversifying sources of revenue, despite the remarkable acceleration in Global inflation rates, which affects the performance of the banking sector.

For her part, Ms. Randa Al-Sadiq - Executive General Manager of the Arab Bank - explained that the Arab Bank Group achieved good operational performance, recording an increase of 6% in its various business sectors as a result of an increase in net interest income by 4% and net commissions by 17%, in line with the bank's strategy to diversify Sources of income and providing appropriate financing solutions that meet customers' needs, in addition to the bank's continued control of operating expenses. Al-Sadiq indicated that the growth in operating profits is based on a solid asset base and is supported by high liquidity levels that take into account achieving better profitability, as the loan-to-deposit ratio reached 75.9%, while the non-performing loan coverage ratio exceeded 100%. Al-Sadiq indicated that the group maintains a strong capital base, most of which is concentrated within the basic capital, as the capital adequacy ratio, according to Basel III instructions, reached 16.4%, which is higher than the minimum required according to the instructions of the Central Bank of Jordan.

Al-Sadiq added that, as part of the bank's strategy, in which digital transformation is an essential axis, the bank continued to launch a series of integrated banking programs and solutions that are enhanced with the latest services and digital channels to provide a distinctive banking experience within the highest levels of ease and security for various segments and sectors. The Arab Bank recently launched interactive banking applications that are the first of their kind in Jordan, including the “ArabiNext” application dedicated to the small and medium-sized companies sector, and the “Arabi Junior” application aimed at children and adolescents, in addition to the issuance of continuous updates to the “Reflect” application, the first Neobank in Jordan that includes features new extra.

In conclusion, Mr. Sabih Al-Masri confirmed that the Arab Bank possesses integrated banking experience that extends for more than ninety years in dealing with all variables and circumstances that enabled it to achieve sustainable profits, praising the efficiency of the bank's business model locally and regionally.

In continuation of the institutional approach adopted by the Bank within the framework of integrating the concept of sustainability in its comprehensive strategic sense within the Bank's business and activities, the Arab Bank recently issued a sustainability report for the twelfth year in a row. It should also be noted here that the bank continued to win international awards to embody its prestigious position in the banking sector, regionally and globally. For the seventh year in a row.