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Arab Bank in collaboration with the Ministry of Social Development, has started the distribution of winter blankets to underprivileged families as part of the “Warm Winter” initiative. Through the initiative, 2000 blankets are being distributed during the winter season to underprivileged families across six governorates, namely Hebron, Jericho, Qalqilya, Salfit, Jenin and Tubas. 

Commenting on this initiative, Country Manager at Arab Bank – Palestine, Mr. Jamal Hurani said: “Warm Winter is part of our constant efforts to support initiatives aimed at local community development, particularly those that contribute to poverty alleviation and serving the underprivileged families during winter.” 

Hurani added: “We are proud to renew our collaboration with the Ministry of Social Development. We value the humanitarian role it undertakes in combating poverty and providing decent life standards to the underprivileged in our community.” 

It is worth noting here that this is the third initiative that Arab Bank conducts in collaboration with the Ministry of Social Development as part of its social responsibility program “Together”. Through a variety of initiatives and activities, the program aims to serve the community in the areas of health, poverty alleviation, environmental protection, education and orphan support.

Feb 11, 2020
Arab Bank Supports “Warm Winter” Initiative in Collaboration with The Ministry of Social Development

In Cooperation with Arab Bank, the Ministry of Transport and the Higher Traffic Council in Palestine launched an awareness campaign titled “Safe Travels” and began renovation work enforcing traffic safety standards at 7 schools in several governorates. The campaign was first launched and implemented at Petunia Upper Primary School, to be followed by the other schools within a set timeframe throughout the month of February.

The initiative, named “Safe Traffic”, entails a series of awareness campaigns targeting school students and pedestrians through the dissemination of informative content using pamphlets, printed materials and SMS messages. This is in addition to reinforcing the traffic safety levels across certain schools by deploying traffic safety measures and tools in the school vicinity including fixed protection barriers at school entrances to prevent students from running straight to the street, installing traffic lights and creating striped thermo pedestrian crossings to control speed.

H.E Mr. Asem Salem, Minister of Transportation and Director of the Higher Traffic Council, praised Arab Bank for its constant contribution towards creating safe traffic environment for all people on the road. On his part, Mr. Jamal Hurani, Country Manager at Arab Bank - Palestine, commended all concerned parties for their respective efforts exerted towards the execution of this project, which focuses primarily on enhancing traffic awareness amongst students and pedestrians, stressing on the bank’s commitment to support social causes and initiatives as part of its Corporate Social Responsibility. 

It is worth mentioning that Arab Bank has taken an active role in the community by adopting a comprehensive strategic approach and collaborating with several NGOs to achieve economic, social and environmental sustainable development. “Together”, Arab Bank’s Corporate Social Responsibility program, exemplifies this multi- faceted effort towards improving and developing different aspects of concern to the community. Through a variety of initiatives and activities, the program aims to serve the community in the areas of health, poverty alleviation, environmental protection, education and orphan support.

Feb 4, 2020
Arab Bank Supports Traffic Safety Campaign

Arab Bank Group closed 2019 with solid results reporting net income after tax of $846.5 million as compared to $820.5 million in 2018, recording a growth of 3.2%. Net income before tax grew to reach $ 1.15 billion as compared to $ 1.12 billion in 2018, while Group equity grew to reach $9.102 billion with a return on equity of 9.3%.

In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2019, making a total dividend payout of over $ 270 million.

The Group’s net operating income grew by 5% driven by growth in interest and fee income. Credit facilities grew by 1.2 % to reach $ 26.1 billon while customer deposits increased by 6%, or by almost $ 2 billion, to reach $36.2 billion. Revenues grew by 4.6% to reach $ 2.23 billion, and these have been generated broadly from both the local and international network, with the latter comprising close to 70% of total revenues. Total expenses recorded a decrease of 3% from 2018.

The Group managed to further grow its equity by 5% during the year to reach over $ 9 billion despite the exceptional distribution of 45% cash dividend for the year 2018, following the dismissal of the legal case.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that this strong performance confirms the success of the Group in dealing with the challenging and changing operating environment and reflects the Group’s prudent operating policies. Mr. Masri stated that the broad network of the Group across countries in the region and globally provides the benefit of diversified sources of income, and added that the Group has demonstrated that it has the right strategy and footprint to deliver value for its shareholders.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that Arab Bank continues to deliver consistent and sustained growth, while investing for the future through the prudent and efficient deployment of capital, and by building a resilient balance sheet through its disciplined and proactive approach to risk management.

Mr. Sabbagh further added that while the operating environment for most regional economies remains challenging, Arab Bank’s strength, its broad and loyal customer base, diversified business model and wide geographical diversification, and its ability to leverage its unique brand and global network ensured that the performance of the Group remained strong.  Mr. Sabbagh added that the performance in 2019 reflects the continued success of the bank’s business model.

Mr. Nemeh Sabbagh also stated that the solid results of Arab Bank Group for 2019 were driven by sustainable growth in the underlying business and by well controlled expenses. He added that Arab Bank Group maintains a well funded balance sheet, strong liquidity and robust capital position. He further added that the Group enjoys strong, prudent and healthy fundamental financial metrics. The Group’s loan-to-deposit ratio stood at 72.1 % while the capital adequacy ratio calculated in accordance with Basel III regulations is at 16.2 %. Asset quality of the Group remains high and credit provisions held against non-performing loans continue to be above 100%.

Mr. Masri concluded by remarking that the encouraging results will continue to support the strong financial performance of the Group and its position in its markets and that the bank will maintain its strong financial position and will aim to deliver to its shareholders healthy and sustainable dividends.

Arab Bank was named “The Middle East’s Best Bank 2019” by Euromoney - London and “Best Bank in the Middle East for 2019” by Global Finance, New York for the fourth year consecutively.

The 2019 financial statements are subject to the approval of the Central Bank of Jordan.

Feb 2, 2020
Arab Bank Group reports net profits of $846.5 million for 2019 30% cash dividends

Arab Bank has recently provided its support to Sanad Society for Children with Special Needs and Autism. The bank’s support entailed covering the cost of establishing a new sensory room at the organization as well as paying the rehabilitation expenses for ten underprivileged children.

Commenting on this initiative, Country Manager at Arab Bank – Palestine, Mr. Jamal Hurnai stated that Arab Bank’s support will aim at increasing the capacity of the organization allowing it to serve a larger number of beneficiaries, in addition to covering the treatment and rehabilitation costs for 10 underprivileged children who cannot afford such expenses.

Ms. Dina Al-Nimer Al-Jawhari , Sanad Society Chairman, thanked Arab Bank for providing the necessary support that will contribute to elevating the levels of care and treatment at the association, as well as improving the treatment programs  allocated for children with special needs and autism.

Arab Bank’s support comes as part of its corporate social responsibility program “Together”, which is a multi-faceted program that works on improving and developing different aspects of the community. Through a variety of initiatives and activities, the program aims to serve the community in health, poverty alleviation, environmental protection, education and orphan support.

Jan 5, 2020
Arab Bank Supports Sanad Society for Children with Special Needs