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ArabBank
Jordan

 
Arab Bank Group closed 2019 with solid results reporting net income after tax of $846.5 million as compared to $820.5 million in 2018, recording a growth of 3.2%. Net income before tax grew to reach $ 1.15 billion as compared to $ 1.12 billion in 2018, while Group equity grew to reach $9.102 billion with a return on equity of 9.3%.

In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2019, making a total dividend payout of over $ 270 million.

The Group’s net operating income grew by 5% driven by growth in interest and fee income. Credit facilities grew by 1.2 % to reach $ 26.1 billon while customer deposits increased by 6%, or by almost $ 2 billion, to reach $36.2 billion. Revenues grew by 4.6% to reach $ 2.23 billion, and these have been generated broadly from both the local and international network, with the latter comprising close to 70% of total revenues. Total expenses recorded a decrease of 3% from 2018.

The Group managed to further grow its equity by 5% during the year to reach over $ 9 billion despite the exceptional distribution of 45% cash dividend for the year 2018, following the dismissal of the legal case.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that this strong performance confirms the success of the Group in dealing with the challenging and changing operating environment and reflects the Group’s prudent operating policies. Mr. Masri stated that the broad network of the Group across countries in the region and globally provides the benefit of diversified sources of income, and added that the Group has demonstrated that it has the right strategy and footprint to deliver value for its shareholders.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that Arab Bank continues to deliver consistent and sustained growth, while investing for the future through the prudent and efficient deployment of capital, and by building a resilient balance sheet through its disciplined and proactive approach to risk management. 

Mr. Sabbagh further added that while the operating environment for most regional economies remains challenging, Arab Bank’s strength, its broad and loyal customer base, diversified business model and wide geographical diversification, and its ability to leverage its unique brand and global network ensured that the performance of the Group remained strong.  Mr. Sabbagh added that the performance in 2019 reflects the continued success of the bank’s business model.

Mr. Nemeh Sabbagh also stated that the solid results of Arab Bank Group for 2019 were driven by sustainable growth in the underlying business and by well controlled expenses. He added that Arab Bank Group maintains a well funded balance sheet, strong liquidity and robust capital position. He further added that the Group enjoys strong, prudent and healthy fundamental financial metrics. The Group’s loan-to-deposit ratio stood at 72.1 % while the capital adequacy ratio calculated in accordance with Basel III regulations is at 16.2 %. Asset quality of the Group remains high and credit provisions held against non-performing loans continue to be above 100%.

Mr. Masri concluded by remarking that the encouraging results will continue to support the strong financial performance of the Group and its position in its markets and that the bank will maintain its strong financial position and will aim to deliver to its shareholders healthy and sustainable dividends.

Arab Bank was named “The Middle East’s Best Bank 2019” by Euromoney - London and “Best Bank in the Middle East for 2019” by Global Finance, New York for the fourth year consecutively.

The 2019 financial statements are subject to the approval of the Central Bank of Jordan.
Feb 2, 2020
Arab Bank Group reports net profits of $846.5 million for 2019 30% cash dividends

Arab Bank has recently launched a special “Arabi MobiCash” offer for its “Shabab” program customers, providing them with an opportunity to receive guaranteed monthly cash rewards when conducting payments via “Arabi MobiCash” app. The offer comes as part of the bank’s continuous efforts to reward young customers by providing them with advanced payment services and value-added offers that meet their evolving needs and expectations. 

The offer, which will run until March 31st, 2020, allows young customers to benefit from a guaranteed JOD 10 deposited in their account every month when using “Arabi MobiCash” app to pay for purchases exceeding JOD 50 in total throughout the month at three different points of sale that accept payments through “Arabi MobiCash”. They will also benefit from doubled reward points within “Arabi Points” program. It is worth mentioning that individuals who are interested in opening accounts with “Shabab” program can do so electronically and in three simple steps, easily and securely,  using their smart phones and tablets via “Arabi Mobile” app.

Commenting on this offer, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk, stated: “Shabab program was specially designed to meet the evolving banking needs of youth, whether they are university students or employees.” Matouk added: “Shabab customers will now be able to benefit from “Arabi MobiCash” app to conduct payments easily and conveniently through their debit and credit cards through their smartphones. This is in addition to the financial reward offered now to them as an incentive to use the application.”

It is worth mentioning that the “Arabi MobiCash” app - the first of its kind in the Kingdom - offers a host of comprehensive features including the ability to receive invoices using the QR Code or by entering the invoice number via the smartphone in order to pay it through the app. The application also offers the advantage of conducting payments without the need to be physically present at the merchant’s site, in addition to transferring bills easily and securely to other “Arabi MobiCash” users. The app also provides detailed reports and dashboards covering all transactions besides many other features.

“Arabi MobiCash” app is available through Apple Store and Google Play, providing users with the convenience to set up their account and password through the application directly, and using a secret number, instead of contacting the bank.

 
Jan 27, 2020
Arab Bank Launches “Arabi MobiCash” Special Offer for Shabab Customers

As part of its social responsibility and ongoing efforts to support the education sector, Arab Bank has recently sponsored the “Job Shadowing” program implemented by INJAZ in cooperation with the Ministry of Education.

The educational program provided the opportunity for twenty students to visit and spend a full workday at six branches of Arab Bank with the aim to acquaint the students with a real life work place environment. The exercise focused on exploring the relationship between the academic (theoretical) knowledge acquired in school and the skills required in the working environment of the bank. 

Commenting on this initiative, Mr. Tareq Haj Hasan - Senior Vice President, Head of Branding at Arab Bank said: “Our continued cooperation with INJAZ dovetails with our corporate social responsibility program “Together”, through which we attach great importance to supporting the education sector given its vital role in achieving sustainable community development.” Haj Hasan added: “The program is an effective initiative towards strengthening and enriching the learning process through deploying interactive activities that build the skills and abilities of our students and expand their understanding in line with the latest developments, which in turn prepares them to deal with future opportunities and challenges.”

Mr. Muhannad Al Jarrah, Executive Director at INJAZ, stated that the “Job Shadowing” program implemented in cooperation with Arab Bank and the Ministry of Education aims at encouraging students to learn about the different career paths through field trips that focus on building their practical knowledge and provide them with an insightful orientation in this respect. 

He added that INJAZ’s cooperation with Arab Bank through this program covered different aspects, mainly familiarizing students with the real workplace environment in general and banks in specific. The students experienced the work environment firsthand through their direct interaction with Arab Bank volunteering staff, who took the students through the latest developments in the industry and encouraged them to set and pursue their own career goals and plans. 

It is worth mentioning that Arab Bank has taken an active role in the community by adopting a comprehensive strategic approach and collaborating with several NGOs to achieve economic, social and environmental sustainable development. “Together”, Arab Bank’s corporate social responsibility program, is a multi-faceted program that works on improving and developing different aspects of the community. Through a variety of initiatives and activities, the program aims to serve the community in the areas of health, poverty alleviation, environmental protection, education and orphan support.

 
Jan 19, 2020
Arab Bank Sponsors Job Shadowing Program by INJAZ