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.