jordan pulse -

Arab Bank Group reported record financial results for 2024, achieving a net profit of $1.007 billion after taxes and provisions, a 21% increase from $829.6 million in 2023. The group's equity reached $12.1 billion, reflecting its strong financial position.

Operating profits rose 7% to nearly $2 billion, while total assets grew 6% to $71.2 billion. Customer deposits increased by 5% to $52.2 billion, and total loans expanded by 6% to $38.3 billion.

Based on these results—pending approval from the Central Bank of Jordan—the Board of Directors recommended a 40% cash dividend for shareholders.

Chairman Sabih Masri attributed the group's performance to its diversified business model and revenue sources across multiple markets. He reaffirmed the bank’s commitment to sustainable growth, particularly in the Gulf region.

Arab Bank continued expanding in 2024, securing a final banking license in Iraq, with operations set to begin in early 2025. It also strengthened its wealth management division through the planned merger of Arab Bank Switzerland’s subsidiary, Bank Gonet, with Switzerland’s Bank ONE.

CEO Randa Sadik highlighted disciplined cost and risk management as key drivers of profitability, alongside improved lending and liquidity management. She noted that non-performing loan provisions exceeded 100% coverage. The bank maintained strong liquidity, with a loan-to-deposit ratio of 73% and a capital adequacy ratio of 17.2%, above Basel III and Central Bank of Jordan requirements.

On the digital front, Arab Bank launched OMNIFY, a fintech platform under its subsidiary Acaps, providing advanced banking solutions for businesses in the MENA region.

In recognition of its performance, Arab Bank was named “Bank of the Year in the Middle East 2024” by The Banker and won Global Finance’s Best Bank in the Middle East award for the ninth consecutive year.

These preliminary results are subject to regulatory approval.