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 US dollars for the same period in 2022, achieving a growth of 30 percent. The group also maintained a strong financial position, as equity reached $10.4 billion.
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 many currencies against the dollar. The facilities portfolio and customer deposits increased by 3 and 4 percent, respectively.
The Chairman of the Board of Directors of the Bank, Sobeih Al-Masry, confirmed in a press statement 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 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 properly. Effective 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.
The Bank’s Executive General Manager, Randa Al-Sadiq, 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 50 percent growth in operating profits derived from the main banking business. While the bank continued to control costs and expenditures well and they are still within the target limits.
Al-Sadiq indicated that the allocations 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 percent, without calculating the value of guarantees. The bank maintained high liquidity rates, as the ratio of loans to deposits reached 74.1 percent, and the group maintained the capital adequacy ratio according to Basel III instructions, which amounted to 16.8 percent, 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 startups in the financial technology industry.
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 US dollars for the same period in 2022, achieving a growth of 30 percent. The group also maintained a strong financial position, as equity reached $10.4 billion.
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 many currencies against the dollar. The facilities portfolio and customer deposits increased by 3 and 4 percent, respectively.
The Chairman of the Board of Directors of the Bank, Sobeih Al-Masry, confirmed in a press statement 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 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 properly. Effective 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.
The Bank’s Executive General Manager, Randa Al-Sadiq, 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 50 percent growth in operating profits derived from the main banking business. While the bank continued to control costs and expenditures well and they are still within the target limits.
Al-Sadiq indicated that the allocations 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 percent, without calculating the value of guarantees. The bank maintained high liquidity rates, as the ratio of loans to deposits reached 74.1 percent, and the group maintained the capital adequacy ratio according to Basel III instructions, which amounted to 16.8 percent, 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 startups in the financial technology industry.
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 US dollars for the same period in 2022, achieving a growth of 30 percent. The group also maintained a strong financial position, as equity reached $10.4 billion.
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 many currencies against the dollar. The facilities portfolio and customer deposits increased by 3 and 4 percent, respectively.
The Chairman of the Board of Directors of the Bank, Sobeih Al-Masry, confirmed in a press statement 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 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 properly. Effective 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.
The Bank’s Executive General Manager, Randa Al-Sadiq, 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 50 percent growth in operating profits derived from the main banking business. While the bank continued to control costs and expenditures well and they are still within the target limits.
Al-Sadiq indicated that the allocations 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 percent, without calculating the value of guarantees. The bank maintained high liquidity rates, as the ratio of loans to deposits reached 74.1 percent, and the group maintained the capital adequacy ratio according to Basel III instructions, which amounted to 16.8 percent, 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 startups in the financial technology industry.
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$216 million Arab Bank profits for the first quarter of this year
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