Mon 01 May 2023 1:53 pm - Jerusalem Time

$216 million in profits from the Arab Bank Group for the first quarter of 2023

The Arab Bank Group achieved positive results during the first quarter of the year 2023, as net profits after tax amounted to 216 million US dollars, compared to 166 million dollars as on March 31, 2022, achieving a growth of 30%. The group also maintained a strong financial position, as equity reached 10.4 billion US dollars.

The total facilities portfolio amounted to $35.4 billion, compared to $35.2 billion in the first quarter of the previous year, and customer deposits amounted to $47.7 billion, compared to $47.3 billion in the first quarter of the previous year, excluding the impact of the change in the exchange rates of several currencies. Against the US dollar, facilities and customer deposits increased by 3% and 4%, respectively.

Sobeih Al-Masry, Chairman of the Board of Directors of the Arab Bank, said that the positive results achieved prove the strength of the bank's financial position and the quality of its assets, and confirm its ability to achieve strong and sustainable performance through the diversification of its business model, in addition to its prudent management of liquidity and capital and its ability to deal with risks and manage them effectively. In light of the developments taking place in the global banking sector and the rise in interest rates in the markets, as well as the geopolitical developments taking place in the region and the world.

Al-Masry indicated that the bank is constantly working to build and enhance liquidity and operating profits in all its various areas of presence in line with its strategy, stressing its confidence in the bank's ability to take advantage of opportunities that will achieve good and sustainable returns for its shareholders based on an ambitious future vision and an integrated corporate strategy, to build Well-established bases and economic development within the presences in which it operates.

For her part, Randa Al-Sadiq, Executive General Manager of the Arab Bank, explained that the profits of the Arab Bank Group came as a result of maintaining the strong operational performance of the bank’s core business despite the challenges facing the global economic environment, as the bank achieved a growth in operating profits derived from the main banking business by 50%, while the bank continued to control costs and expenditures well and is still within the target limits.

Al-Sadiq indicated that the provisions made during the period, which reflect in a well-thought-out manner the operating environment and the changes taking place in the region and the world, confirm the continuation of the prudent approach adopted by the group to maintain the quality of its credit portfolio and the percentage of coverage of non-performing debts, which exceeds 100% without calculating the value of guarantees. The bank maintained high liquidity rates, as the ratio of loans to deposits reached 74.1%, and the group maintained the capital adequacy ratio according to Basel III instructions, which amounted to 16.8%, which is higher than the minimum required according to the instructions of the Central Bank of Jordan.

Al-Sadiq confirmed that the bank continues to implement its ambitious strategy in terms of digital transformation by expanding the offering of innovative digital products and solutions within the bank's various businesses, in addition to attracting and supporting pioneering ideas and emerging companies in the financial technology industry.


Share your opinion

$216 million in profits from the Arab Bank Group for the first quarter of 2023