Arab Bank Group reported solid financial results for the first half (H1) of 2023, driven by strong growth in its core banking business across different markets, Invest-Gate reports.

The Group’s net profit after tax increased by 59% to $401 mn, compared to $252 mn for the same period last year.

The Group’s total equity stood at $10.6 bn, with loans growing to $36.1 bn and deposits reaching $48.3 bn. Excluding the impact of currency devaluation against the US dollar, loans and deposits grew by 2% and 5%, respectively.

For his part, Sabih Masri, Chairman of the Board of Directors, said, “The solid financial performance during the first six months underscores the resilience of the bank’s diversified business model, which is based on prudent risk management practices and focused on achieving sustainable growth,” adding that the bank is committed to innovation and digital transformation to provide the best banking experience to clients.

Moreover, Randa Sadik, Chief Executive Officer, highlighted that the bank’s net operating income grew by 50%, driven by diversified core banking activities and controlled operating expenses.

“Provisions held during the period reflect the bank’s prudent risk management strategy against the increased economic uncertainty witnessed globally and regionally,” Sadik added, mentioning that Arab Bank Group maintains a loan-to-deposit ratio of 74.7%, with credit provisions held against non-performing loans exceeding 100%.

The bank was recently recognized as the “Best Bank in the Middle East for 2023” by Global Finance magazine for the eighth consecutive year. Additionally, the bank received the “Best ESG Integration in Jordan” award from The Arab Federation of Capital Markets in collaboration with the Global Economics Magazine.

In line with the bank’s commitment to sustainability, Arab Bank recently released its 13th annual sustainability report featuring its achievements during 2022 on the environmental, social, and governance (ESG) fronts.