Arab Bank Group achieved strong results for the financial year ending December 31, 2024, with a record net 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 38.3 billion, 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, commented that the outstanding results achieved by the Group during the year 2024 reflect its successful execution of its strategy, 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 various areas.

Regarding the Group's expansion and growth strategy, Mr. Masri mentioned that the bank was recently granted final banking license to operate in the Republic of Iraq through its subsidiary, Arab Bank Iraq; which will commence operations at the beginning of 2025. Mr. Masri also underscored the Group’s constant focus on enhancing wealth management and private banking services highlighting the expected merger between Gonet – part of Arab Bank Switzerland - with Swiss ONE Bank.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank delivered strong results during the year 2024, driven by well diversified growth in core banking income across several segments and markets. The Group achieved sustainable growth in net operating profit driven by both interest and non-interest income contribution as a result of revenue diversification, growth in lending and efficient management of liquidity and funding sources, benefiting from its presence in the GCC and international markets.

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. Sadik stressed 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 development arm, 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.

As part of the ongoing collaboration between Arab Bank and Tkiyet Um Ali (TUA), the bank continued to support Tkiyet Um Ali’s efforts towards alleviating poverty’s impact on underprivileged families in the Kingdom. The collaboration covers various programs launched by TUA’s benefiting families living below the food poverty line across different governorates in the Kingdom.

As part of the ongoing collaboration, Arab Bank’s employees participated in assessment field visits to help TUA’s social research team during their visits to underprivileged families, evaluating their living conditions and circumstances. The visits are part of the assessment process to identify and select eligible families to benefit from TUA’s programs.

Tkiyet Um Ali provides monthly sustainable food support to 20,000 underprivileged families living in extreme poverty in all provinces and governorates across the Kingdom. The families receive monthly parcels containing 20 food items that include all the basic nutritional elements, which fulfill the needs of a family for the entire month.

It is worth mentioning that Arab Bank’s social responsibility program “Together” has been supporting community initiatives since its launch. The program also allows customers to donate to several NGOs through Arab Bank’s electronic channels that include ATMs, internet banking as well as “Together” Platinum Credit Card.

Arab Bank recently launched a special promotional campaign for Al-Nashama Visa credit card, specifically designed to support the national football team (Al-Nashama). This campaign comes as part of the strategic partnership between Arab Bank and the Jordan Football Association, demonstrating the bank’s steadfast commitment to supporting Jordanian sports and empowering youth.

The campaign offers customers the chance to win valuable prizes. The first 50 customers who issue Al-Nashama Visa credit card will receive the official national team jersey. Additionally, all customers who acquire the card will be entered into a draw to win one of five 65-inch Samsung TVs.

It is worth noting that Arab Bank is the main sponsor of all national teams, including men's and women's teams, “Al-Nashama” and “Al-Nashmiyat” respectively. The sponsorship also encompasses national teams across all age groups, Football for Schools, and local professional competitions.

Arab Bank was awarded “Best Embedded Finance Solution for the Year of 2024” by Global Finance, a New York-based international publication. This recognition, part of the 11th annual Innovators Awards, was presented to Arab Bank in the "Corporate Banking Innovations" category for Omnify platform launched by ACABES for Financial Technology, Arab Bank’s technological arm. Omnify is considered a pioneering solution in delivering innovative digital banking in the kingdom. It offers a comprehensive suite of services (banking-as-a-service) for companies in selected markets in MENA region, leveraging close collaboration with Arab Bank and its extensive regional network.

This global recognition was made by the editors of Global Finance along with a panel of judges who selected winners after extensive consultations, and based on a specific set of criteria related to specific innovations and describing the culture or process by which they support breakthrough thinking and new solutions, industry firsts.  Selection criteria included four categories of innovation: Product Innovation, Process Innovation, Marketing Innovation, and Organizational Innovation.

Omnify platform allows partner companies to offer embedded financial products for their own customers by consuming banking APIs from Arab Bank and beyond, helping them to expand their value proposition to their customers and increase customer loyalty.  The platform’s key benefits include easy and efficient customized products reflecting the client’s brand identity, equipping companies with the necessary infrastructure to provide this service through continuous technical support and tools for building propositions ranging from accounts opening, to providing loyalty programs, payment options, card issuance, and more.

It's worth nothing that The Banker Magazine, owned by the Financial Times and based in London, named Arab Bank as “Bank of the Year in the Middle East for 2024”. Arab Bank also received the “Best Bank in the Middle East 2024” award by New York-based international publication “Global Finance” for the ninth consecutive year, in addition to 24 local and regional awards in recognition of its corporate and consumer digital banking services in Jordan and across Middle East markets.  

Arab Bank recently supported the “Litazho Madarsna” school play areas renovation campaign, implemented by the Crown Prince Foundation as part of its Humanitarian Campaigns and Responses program, which falls under the Sustainable Community Development pathway. This campaign aims to engage Jordanian youth in the maintenance and beautification of public schools across Jordan's governorates, fostering a sense of belonging and promoting the concept of volunteerism. The campaign also seeks to create a positive and sustainable impact by improving the school environment and developing play facilities in participating schools.

Arab Bank's support of this campaign comes in line with its commitment to supporting national initiatives aimed at developing the education sector as a cornerstone of sustainable development. The bank also aims to promote the values of teamwork and volunteerism among youth, encouraging them to actively participate in serving their community, in line with its CSR & Community Engagement strategy.

Through this campaign, the bank supported three schools in Amman, Irbid, and Wadi Musa, reaching approximately 2,700 students. A team of the bank’s employees volunteered to help in carrying out schools’ renovation activities, including planting, painting, and drawing murals to create a welcoming learning environment that positively reflects on students' academic performance.

It is worth noting that Arab Bank adopts a comprehensive and integrated strategy in terms of Sustainability that reflects the bank’s keenness to enhance its economic, social and environmental impact by working closely with various stakeholders to achieve sustainable development. Arab Bank’s social responsibility program “Together” is a key manifestation of this approach. It is a multi-faceted program that focuses on developing and growing various aspects of society through various initiatives and activities that contribute to serving several sectors, namely health, combating poverty, protecting the environment, education, supporting orphans and empowering women.

The Crown Prince Foundation was established in 2015 to embody the vision of His Royal Highness Crown Prince Al Hussein bin Abdullah II, on the necessity of providing opportunities to empower youth in Jordan. CPF aims to empower youth and develop their capabilities through programs that fall under three pathways: Economic Participation, Leadership and Sustainable Community Development. With a presence in 27 locations across Jordan, including offices in every governorate, the CPF works to achieve its mission nationwide.