Arab Bank has announced impressive financial results for the fiscal year ending December 31, 2023, demonstrating a remarkable 52% growth in net income after tax, surging from $544.3 mn in 2022 to $829.6 mn, Invest-Gate reports.

Arab Bank attributes this stellar performance to sustained growth in its core business across diverse markets, as evidenced by a 34% improvement in net profit before provisions and tax, reaching $1.81 bn.

Moreover, total assets experienced a robust 6% increase, reaching $68.3 bn, with loans and deposits also recording substantial growth at 5% and 6%, reaching $37.1 bn and $50.6 bn, respectively. Arab Bank’s total equity stood at an impressive $11.4 bn.

Furthermore, the Board of Directors has proposed the distribution of 30% cash dividends to shareholders for the fiscal year 2023.

Also, Sabih Masri, Chairman of Arab Bank, attributed the bank’s robust performance to the successful execution of its strategic focus on sustainable growth and the development of a resilient business model capable of navigating regional and international challenges.

In addition, Randa Sadik, CEO of Arab Bank, highlighted the bank’s resilient performance in 2023, emphasizing a 34% growth in net operating profit driven by increased core banking income.

Notably, Sadik underscored Arab Bank’s commitment to sustainability by successfully issuing $250 million in sustainable Additional Tier 1 (AT1) Capital Securities.