AMMAN —
Arab Bank Group closed 2021 by reporting that net income after tax equals $314.5
million compared to $195.3 million in 2020, recording a growth of 61 percent.
Group equity grew to reach $10.3 billion.
اضافة اعلان
The Board of
Directors has recommended to shareholders the distribution of 20 percent
cash dividends for the financial year 2021, according to a press statement,
The Arab Bank consolidated the financial
statements of Oman Arab Bank under its group accounts increasing total assets
by $8.4 billion to reach $63.8 billion compared to $54.4 billion for the same
period last year.
Customer deposits grew by 22 percent, reaching $47.1
billion, while loans grew by 30 percent, reaching $34.6 billion. The
consolidation of Oman Arab Bank has materially increased customer deposits and
loans by $7.3 billion and $7.5 billion, respectively.
Sabih Masri, chairman
of the Board of Directors stated that the underlying performance reflects its
strategic directive in dealing with the challenging and changing operating
environment and its prudent operating policies of maintaining strong liquidity
and healthy capital positions.
Nemeh
Sabbagh, chief executive officer, commented that the year 2021 showed a partial
recovery of the
economic environment which the bank benefited from and recorded
a growth in net interest and commission income by 15 percent with net operating
income increasing by 8 percent to reach $1.108 million.
He added that
the group enjoys high liquidity and a strong capital base with a loan to
deposit ratio of 73.4 percent and a capital adequacy ratio of 16.5 percent. The
Group continues to hold credit provisions against non-performing loans in
excess of 100 percent.
Sabbagh also
noted the bank’s ambitious vision towards embracing digital transformation as
an integral part of its strategy. The bank launched in 2021 Reflect, the first
Neobank in Jordan, which provides a branchless experience to millennials and
facilitates their daily lifestyle activities from one banking app.
Masri
concluded by referring to Arab Bank’s ongoing commitment towards integrating
sustainability into its operations in a strategic manner that dovetails with
the bank’s efforts to support sustainable community development.
Arab Bank was
named “Best Bank in the
Middle East 2021” for the sixth consecutive year by New
York-based Global Finance magazine.
The 2021
financial statements are subject to the approval of the Central Bank of Jordan.
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