Arab Bank Group achieved strong results for the financial year ending December 31, 2024, with a recordnet profit of USD 1 billion, reflecting a robust 21% growth in net income after tax, amounting to USD 1,007.1 million compared to USD 829.6 million in 2023. Based on this record performance, the Board of Directors has recommended to the shareholders the distribution of 40% cash dividends.
The impressive results were driven by growth across various business segments and geographic markets. Operating profit increased by 7% to reach approximately USD 2 billion.At constant currency, total assets grew by 6% to USD 71.2 billion, loans increased by 6% to USD 38.3billion, and customer deposits rose by 5% to USD 52.2 billion.
The Group’s equity position also remained strong, standing at USD 12.1 billion at year-end, further underscoring its financial stability and resilience.
Mr. Sabih Masri, Chairman of Arab Bank, commentedthat the outstanding results achieved by the Group during the year 2024 reflect its successful execution of itsstrategy,delivered by its resilient business model.He also noted that the bank’s record net operating profit is a clear testament to its strong growth momentum across several markets, specially in the GCC region and international markets.Mr. Masri stated that the bank continued to implement its ESG strategy,embedding environmental, social and governance components within its operations across variousareas.
Regarding the Group’s expansion and growth strategy, Mr. Masrimentioned that the bank was recently granted final banking license tooperate in the Republic of Iraqthrough its subsidiary,Arab Bank Iraq; which will commence operationsat the beginning of 2025.Mr. Masri also underscored the Group’s constant focus on enhancingwealth management and private banking services highlighting the expected merger between Gonet –part of Arab Bank Switzerland – with Swiss ONE Bank.
Ms. Sadik added that the Group’s liquidity and asset quality remain solid where loan-to-deposit ratio stood at 73% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.2%
Regarding the Group’s digital transformation strategy, Ms.Sadikstressed that the Group is focused on enhancing operational efficiency by deploying digital technologies and artificial intelligence tools within an institutional framework across all business units, while continuing to implement its digital strategy to provide digital banking services that meet the aspirations and financial needs of its customers. As part of Arab Bank Group’s digital transformation growth strategy, ACABES, the bank’s Financial Technology and developmentarm, recently launched OMNIFY, an advanced digital banking solutions platform (Banking-as-a-Service) that enables companies to provide banking services and financial solutions to their customers.
Arab Bank was named “Bank of the Year 2024 in the Middle East” by the London-based “The Banker” Magazine for the second consecutive year.The bank has also received the “Best Bank in the Middle East Award for 2024” from New York-based Global Finance publication, for the ninth consecutive year. This is in addition to receiving several significant recognitions and awards from various reputed international and regional parties.
The bank’s 2024 financial statements are subject to the approval of the Central Bank of Jordan.