Arab Bank Group delighted investors when it reported earnings over the weekend. The Jordan-based financial institution reported $252m in net income after tax for the first half of 2022, a 38% increase from the $182.4m it earned in the same period last year.
According to chairman Sabih Masri, this year’s stellar performance is a reflection of the bank’s prudent operating policies and strong financial position. The bank’s loan portfolio and customer deposits grew by 6% and 2% respectively, a result of efforts to expand and diversify its clients, loans, and deposit base.
CEO Randa Sadik also made comments about Arab Bank’s digital transformation journey. They aim to provide a more comprehensive range of digital banking solutions and services for the rapidly evolving needs of their customers. He called this a major driving force of the bank’s overarching strategy.
Why it matters
A highlight of Arab Bank Group's earnings report was its 12th consecutive Annual Sustainability Report. The report is part of the bank's committment towards integrating sustainability into its operations. This committment is one of the reasons why Arab Bank Group was once again named “Best Bank in the Middle East 2022” by the New York-based publication Global Finance.