Arab Bank Group records $544.3m profit

Arab Bank Group achieved solid results for the period ending December 31, 2022, with net income after tax of $544.3 million as compared to $314.5 million in 2021. The Group’s performance was driven by robust growth in its core banking business across different markets, as net profit before provisions and tax increased by 23% to reach 1.35 billion US dollars.

Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 5% to reach $35.4 billion and $ 47.7 billion, respectively, despite the volatile operating environment.

In view of these results, the Board of Directors has recommended to the shareholders, the distribution of 25% cash dividends for the financial year 2022.

Sabih Masri, Chairman of the Board of Directors, commented that Arab Bank was able to achieve several key strategic objectives in 2022 despite the challenges that emerged during the year. He also added that the results reflect the bank’s unique footprint as well as its diversified franchise and rooted presence in several markets.  Masri stated that the bank remains committed to its strategic sustainable growth direction centered on serving customers’ evolving needs, and continuing to invest in innovation and digital transformation.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank continued to deliver sustainable growth rates during 2022 despite the economic challenges stemming from high inflation, increased interest rates and the devaluation in exchange rates of several currencies against the US dollar.