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Arab Bank recently donated vital medical supplies and equipment to the Jerusalem Health Directorate in Bethany to enhance the level of health services provided to patients in Bethany and its surrounding areas.

This initiative is part of a series of community initiatives conducted by Arab Bank as part of its corporate social responsibility program “Together” to serve the community through a variety of sustainable initiatives that contribute to environment and social development and provide the basic necessary needs of the society.

This donation also reaffirms the bank’s role in supporting the health sector, a vital sector in the society, alongside education, environmental protection, poverty alleviation and orphan support. The support entailed a dental clinic, an ultrasound machine and an ECG based on the needs of the Jerusalem Health Directorate in Bethany. It is also worth noting that Arab Bank recently implemented several health initiatives that have actively contributed to improving the quality of health services provided, including the donation of 5 dialysis machines to public hospitals, a freezer room for the Central Blood Bank in Palestine and many more.

The Jerusalem Governorate Health Directorate in Bethany praised Arab Bank’s efforts and its pivotal role in enhancing the level of health services provided to patients in Bethany and the surrounding areas of Jerusalem suburbs as part of the directorate’s endeavor to reinforce the medical infrastructure and upgrade its equipment and supplies.

Oct 7, 2020
Arab Bank Donates Vital Medical Supplies & Equipment to the Jerusalem Health Directorate

As part of Arab Bank’s corporate social responsibility program “Together”, Arab Bank has recently provided a donation towards the establishment of a full-fledged freezer room in support of the Central Blood Bank in Palestine. The donation included covering the costs of equipping the freezer room with the necessary technical devices to preserve blood derivatives used to treat various diseases such as thalassemia, cancer and others. The room also helps in maintaining a strategic blood preserve safely and securely, where 80,000 blood units will be kept and provided to patients in need throughout the year. 

This initiative is part of a series of sustainable initiatives conducted by Arab Bank to serve the health sector, a vital sector in the society, and contribute to providing its necessary basic needs for patients.  

In turn, the Central Blood Bank in Palestine thanked Arab Bank for its generous donation and active role in supporting the health sector, including hospitals and health facilities, thus reflecting the national institutions’ interest in social responsibility and serving the community. The Central Blood Bank also highlighted Arab Bank’s role in this regard being one of the institutions that conduct blood donation drives periodically for its employees. 

It is worth mentioning that Arab Bank has made several contributions to support the health sector and the community. Most recently, the bank donated five kidney dialysis machines to public hospitals and donated USD 2 million to “Wakfet Izz” fund in support of the country’s national efforts to combat the spread of COVID-19 pandemic and mitigate its repercussions. Additionally, the bank’s employees donated USD 200,000 for the same cause.

 
Sep 6, 2020
With a Donation by Arab Bank Completion of Freezer Room for the Central Blood Bank in Palestine
Arab Bank Group reported net income after tax of $ 152.1 million for the first half of 2020 as compared to $453.2 million for the prior period, recording a drop of 66%. 
 
The fall in the profits is attributable to the build up of higher provisions, driven by current and forecasted economic conditions, and reflect the deterioration in the macro-economic environment throughout the region and globally, and to lower revenues from interest and fee income because of the impact of the Covid-19 outbreak and lower market interest rates and weakening oil prices.    
 
The Bank has entered the crisis from a position of strength. Customer deposits grew by 5% to reach $ 35.9 billion as compared to $ 34.1 billion in the previous year, while loans grew by 2% to reach $26.7 billion as compared $ 26.2 billion. The Group maintained its strong and robust capital base with equity of $9.2 billion and with a capital adequacy ratio of 16.8% calculated in accordance with Basel III regulations. The Group enjoys high liquidity with loan-to-deposit ratio at 74.4%, while credit provisions held against non-performing loans continue to exceed 100%.
 
Mr. Sabih Masri, Chairman of the Board of Directors remarked that the pandemic has come as a shock for the global economy, which will witness contraction in 2020. He added that the Covid-19 pandemic has had, and continues to have, a material impact on businesses around the world and the economic environments in which they operate.
 
Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the global and regional banking sectors will unavoidably face challenges as a result of the economic contraction, the higher cost of risk, and lower interest rates. He added that growth in the GCC countries has declined sharply due to the plunge in oil prices since the outbreak of the pandemic. 
 
Mr. Sabbagh commented that the Group net operating income dropped by 21%, and the Bank opted to build significantly more provisions during the first half of 2020 against the financial implications of Covid-19, and that this has resulted in the drop in the reported net income after tax.  He added that the drop in the Group’s profitably is also attributable to the fall in the profits of the bank’s affiliate in Saudi Arabia. 
 
Mr. Sabbagh highlighted that the increased provisions booked across the Group are in accordance with the guidelines of International Financial Reporting Standard # 9, and as per the bank’s internal expected credit loss model, and include general provisions built due to the current economic situation in Lebanon. 
 
Mr. Masri concluded by stating that while the negative impact of the pandemic is unprecedented, the effect on the Group will be well cushioned by the bank’s resilience, the strength of its franchise, and the success of its diversified business model.
 
Jul 26, 2020
Arab Bank Group reports first half 2020 net profit of $152.1 million

Arab Bank recently donated five dialysis machines to the Palestinian Ministry of Health for public hospitals in Yatta, Jenin and Qalqilya. This donation comes as part of the bank’s corporate social responsibility efforts to support the health sector and enhance its services.

The dialysis machines and their spare parts were donated in cooperation with the Palestinian Ministry of Health, which has identified the necessary technical specifications, arranged the bidding and purchasing process and distributed the machines to public hospitals based on their urgent need.

Commenting on this initiative, Mr. Jamal Hurani, Country Manager at Arab Bank – Palestine, said: “Through its corporate social responsibility program ‘Together’, Arab Bank devotes its efforts to support sustainable development in the areas of health, poverty alleviation, environmental protection, education, and orphan support. This initiative aims to support the health sector by alleviating the suffering of dialysis patients and reducing the waiting time for receiving the necessary health care.”

It is worth mentioning that Arab Bank is one of the leading banks that support and serve the community as part of its social responsibility. The bank recently donated USD 2 million to “Wakfet Izz” fund in support of the country’s national efforts to combat the spread of COVID-19 pandemic and mitigate its repercussions. Additionally, the bank’s employees donated USD 200,000 for the same cause.

Jun 21, 2020
Arab Bank Donates Five Dialysis Machines to Public Hospitals in Palestine

Arab Bank has recently announced the winner of “Shabab” program’s grand prize draw. The lucky winner, Ms. Hana Deereh from Nablus branch won USD 10,000 as part of the program’s monthly draws. 

Mr. Jamal Hurani, Country Manager at Arab Bank – Palestine and Mr. Marwan Saqer, Head of Consumer Banking at Arab Bank – Palestine, handed the grand prize to the winner in the presence of her parents and senior management. 

Ms. Deereh, who opened her “Shabab” bank account when she was a university student, expressed deep gratitude for winning the grand prize and for being a “Shabab” program customer, which provides the youth with many banking privileges and benefits. 
Mr. Jamal Hurani congratulated the winner and wished her success, in hopes that this award will be an opportunity to fulfill her dreams. Hurani noted that “Shabab” program is one of the unique strategic programs aimed at building an ongoing banking relationship with the youth. He also added that Arab Bank provides an array of programs that cater to the diverse needs of customers, including “Jeel Al Arabi” program for kids, “Arabi Extra”, “Arabi Premium” and “Elite” programs.

In turn, Mr. Marwan Saqer, highlighted that “Shabab” program provides the youth with many banking and non-banking privileges, which include USD 10,000 quarterly grand prizes, USD 750 monthly cash prizes for five winners, monthly “IPhone Xs” for two winners, in addition to many other prizes and rewards. 

It is worth mentioning that “Shabab” program provides a host of comprehensive banking and non-banking services designed specially for youth between the ages of 18-25 years in line with their lifestyle, which include personal loan up-to USD 15,000 or its equivalent in other currencies, Visa debit card, internet shopping card and Visa credit card issued with an exclusive design and no issuance or monthly fees, as well as free access to Arab Bank’s digital banking services (“Arabi Online” and “Arabi Mobile” in addition to the ATM services). 

 
Jun 17, 2020
Arab Bank Announces “Shabab” Program USD 10,000 Prize Winner

Arab Bank Group reported net income after tax for the first quarter of 2020 of $147.6 million as compared to $231.8 million for the prior period, recording a decrease of 36%.

Total loans amounted to $26.2 billion as of March 31, 2020 compared to $25.8 billion for the same period in the previous year, with a growth rate of 2%, while customer deposits grew by 5% to reach $35.2 billion compared to $ 33.7 billion for the same period in the previous year. The Group maintained its strong capital base with equity of $9.2 billion and a capital adequacy ratio of 16.5%.

Mr. Sabih Masri, Chairman of the Board of Directors remarked that the performance of Arab Bank confirms the success of the diversified business model of the Group regionally and globally. He also pointed out that the next phase will be challenging for the global and regional economies and will witness a slowdown in growth and difficulties for various sectors as a result of the outbreak of the Coronavirus pandemic. Mr. Masri added that he has great confidence in the Bank’s ability to deal with the challenges that lay ahead and noted that the Bank has in previous years demonstrated its effectiveness in operating in challenging economic environments.

Mr. Nemeh Sabbagh, Chief Executive Officer, commented that the Group net operating income dropped by only 2%, but the Bank opted to build more provisions during the first quarter of 2020 as a precautionary measure against the financial implications of COVID-19, and this resulted in the decrease in the reported net income after tax.

Mr. Sabbagh added that Arab Bank Group enjoys high liquidity and strong and robust capitalization. The Group’s loan-to-deposit ratio stood at 74.4% while the capital adequacy ratio calculated in accordance with Basel III regulations is at 16.5%, and credit provisions held against non-performing loans continue to exceed 100%. Commenting on the negative economic repercussions resulting from the outbreak of COVID-19, Mr. Sabbagh stated that the global banking sector will experience challenges as a result of the economic slowdown, the higher cost of risk and lower interest rates.

Mr. Masri concluded by remarking that Arab Bank was careful to take the necessary measures to protect the wellbeing of its employees and customers. He further added that Arab Bank has donated JD 15 million as part of its social responsibility in support of Jordan’s national efforts to combat the COVID-19 crisis and mitigate its health, economic and social repercussions on the Kingdom.

May 14, 2020
Arab Bank Group reports first quarter 2020 net profit of $147.6 million

Arab Bank raised its donation to USD 2 Million in support of the country’s national efforts to combat the spread of COVID-19 across the Palestinian governorates.

The bank’s initiative came as part of its patriotic duty and social responsibility and in support of Palestine’s national efforts to combat the COVID-19 pandemic and mitigate its health, economic and social repercussions on the country.

Arab Bank praised the relentless national efforts, exerted by different Palestinian bodies at all levels, led by the Ministry of Health, the security services and medical services, in addressing  the challenges resulted from the COVID-19 crisis in order to protect the country and preserve the health and safety of citizens . The bank also emphasized on the importance of collaboration, responsible citizenship, and active community participation during these challenging times in order to combat this global pandemic and contain its ramifications in Palestine.

It is worth noting that Arab Bank’s employees in Palestine donated earlier JOD 200,000 to “Wakfet Izz” fund demonstrating their sense of community responsibility and embodying the spirit of solidarity and good citizenship as well as their sincere eagerness to fulfill the nation's call under various circumstances and challenges.

May 10, 2020
Arab Bank Raises its Donation to “Wakfet Izz” Fund to USD 2 Million

Country Manager at Arab Bank – Palestine, Mr. Jamal Hurnai, presented a donation of 200,000 Dinars from employees of Arab Bank and Al Arabi Investment Group “AB Invest” to the “Wakfet Izz” Fund in the presence of H.E. Mr. Azzam Shawwa, the Governor of the Palestinian Monetary Authority and the Chairman of “Wakfet Izz” Fund, Mr. Talal Nasereddin. The contribution was made to help alleviate the effects of the COVID-19 crisis in Palestine. The donation reflects Arab Bank employees’ sense of community responsibility and responsiveness. It embodies their spirit of solidarity and good citizenship as well as their sincere eagerness to fulfill the nation's call under various circumstances and challenges.

The contribution comes to express the deep appreciation of Arab Bank’s employees towards the relentless efforts exerted by various government bodies to protect the country from this pandemic, led by the Ministry of Health and the Medical Services.

It is worth mentioning that Arab Bank was at the forefront of supporters of the government’s efforts to combat the COVID-19 crisis and mitigate its economic and social repercussions. Arab Bank had donated earlier USD 1 million to “Wakfet Izz” Fund as part of its national duty and social responsibility towards protecting the country and preserve its resources.

Apr 27, 2020
Arab Bank Employees In Palestine Donate 200,000 Dinars To “Wakfet Izz” Fund

As part of its national duty and social responsibility in Palestine and in light of the current circumstances, Arab Bank donated USD 1 Million to support the country’s national efforts to combat the spread of COVID-19 across the Palestinian governorates. 

Arab Bank expressed its deep appreciation for the relentless efforts made at different levels to overcome these unprecedented circumstances. The bank also stressed the importance of collaboration, responsible citizenship and active community participation in order to ensure the safety and health of citizens and to alleviate the repercussions of this global pandemic. 

Mar 19, 2020
Arab Bank Donates USD 1 Million To Combat Covid -19 In Palestine

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