Arab Bank opened its second branch in Jenin, and third in the governorate, under the patronage of H.E. Governor of Palestine Monetary Authority Mr. Azzam Al Shawwa and the Governor of Jenin, Major General Akram Rjoob, in the presence of a limited provincial figures and businessmen in line with the COVID-19 protocol. This comes as part of the bank’s strategy to reinforce its branch network of 33 branches and provide its services to customers in various locations.

The new branch located in Al-Basateen neighborhood, one of the city’s vital neighborhoods that is witnessing urbanization and active traffic, provides customers with comprehensive banking services to cater to their banking needs within the highest levels of service standards.

Mr. Shawwa congratulated Arab Bank during the inauguration ceremony on the new branch in Jenin Governorate, which comes against the backdrop of health and financial crises that have had a direct impact on the economic situation. He noted that the banking sector with all its components has proved its strength and stability and that it has been a fundamental supporter of the Palestinian economy and the Palestinian government and is able to continue to develop and provide the latest banking services, especially on a digital front.

Mr. Shawwa expressed that the opening of Arab Bank’s new branch is in line with the banking branching policy and Palestine Monetary Authority’s financial inclusion strategy to deliver banking services to all Palestinian areas. Arab Bank, whose net assets account for 23% of net assets, 24% of customer deposits and 19% of facilities, is one of the first and largest Jordanian banks operating in Palestine, providing citizens with distinctive digital banking services, facilitating the use of these services, in addition to continuously contributing to the community.

Mr. Shawwa also added that the total direct credit of banks operating in Jenin Governorate had amounted to about $372 million, the deposits of clients at banks operating in the Governorate had reached about $980 million, and the number of branches and offices of banks in Jenin Governorate had amounted to 30.

The Palestine Monetary Authority's achievements are significantly reflected in the performance indicators of the Palestinian banking system and its active contribution to developments in the Palestinian economy. The net assets of the banking sector reached about $18 billion, direct facilities about $10 billion, clients’ deposits amounted $14 billion, the equity rights of banks are nearly $2 billion, and the paid capital amounts to $1 billion, said Mr. Shawwa.

H.E. Governor of Jenin congratulated Arab Bank as well on the opening of its new branch, praising its role in the development of the local economy.

For his part, Mr. Jamal Hurani, Country Manager at Arab Bank – Palestine, welcomed  the guests and expressed his appreciation for their participation in the branch opening. He also highlighted that the new branch is fully equipped with the latest banking services and solutions that Arab Bank is well-known for, in line with the latest technologies that meet customers’ needs.

Mr. Hurani also reaffirmed Arab Bank’s ongoing efforts towards reinforcing its branch and ATM network in Palestine and investing in the latest digital banking services to serve its clients around the clock from anywhere. He also valued clients’ trust in Arab Bank and emphasized the bank’s endeavor to continuously operate within the highest banking standards and prudent policies to serve and protect its customers’ interest. Hurani also emphasized on the bank’s constant commitment towards providing comprehensive banking services to various economic sectors, thus contributing to the enhancement, growth and prosperity of the Palestinian economy.

In addition to the usual banking services, the new branch offers a host of personalized services through a special area for “Elite” customers, as well as a dedicated relationship manager for “Premium” customers. The branch is also equipped with Interactive Teller Machine (ITM) allowing customers to communicate in real-time with a representative from the bank via both video and audio.

As part of its social responsibility and community initiatives, Arab Bank recently donated dropper machines for cancer treatment to Al-Watani Hospital to support in providing the best treatment levels for cancer patients.

Through this initiative, 20 dropper machines were donated by the bank, which are used for determining the appropriate time and treatment dosage to help alleviate the suffering of cancer patients.

Commenting on this initiative, Mr. Jamal Hurani, Country Manager at Arab Bank – Palestine, reaffirmed the bank’s role in supporting the health sector, a vital sector in the society, as part of its corporate social responsibility program “Together”, which also focuses on education, environmental protection, poverty alleviation and orphan support towards achieving sustainable community development.

For his part, Dr. Abdullah Al Khatib, Director General at Al-Watani Hospital, praised Arab Banks’s efforts and its pivotal role in supporting the community as a financial institution rooted in community, that constantly contributes to initiatives and activities that focus on the humanitarian aspects of life.

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.

As part of its constant efforts to provide value added banking services and programs, Arab Bank recently revamped its Children’s savings program and relaunched it under the brand “Arabi Junior”, offering an array of new benefits and features for children and teens up to the age of 17 years.

The new “Arabi Junior” program offers a host of banking and non-banking benefits, specially designed to encourage parents to save for their children’s future and to create a fun and rewarding savings experience, fostering a financial culture among kids at an early age. The benefits of the new program entail: savings account in approved currencies, waiver of the account minimum balance fee and transfer fee from parents accounts to “Arabi Junior” accounts, no subscription fees, Visa debit card enabled for online purchases with a special design at no monthly fees as well as the Contactless bracelet “BandPay” exempted from issuance fees and available in colors and different sizes that are suitable for children and teens. The “BandPay” allows payment from the Visa debit card by waving the bracelet over the POS device at merchants that accept Contactless payment.

The program also offers the “Instant Saver” feature, which allows parents to save for their children upon every purchase they make using their debit or credit cards, through deducting a pre-set percentage or a rounded-up amount from each transaction value to be automatically transferred to the child’s “Arabi Junior” account. This is in addition to a free subscription to the “I Read Arabic” Platform by Little Thinking Minds, a 3-month subscription to “Shahid VIP – kids content” as well as monthly and quarterly cash prizes up to USD 3,000.

Additionally, “Arabi Junior” entails bonus reward points when upgrading the account from “Arabi Junior” to “Shabab” program after the age of 17 and the option of converting the reward points’ balance into cash along with transferring it from the parent’s account to “Arabi Junior” account within “Arabi Points” program. The new program also entails the ability to view “Arabi Junior” balance details anytime, anywhere via “Arabi Mobile” app, in addition to using the digital saving service “e-Tawfeer” via “Arabi Mobile” app, which provides a host of savings tools with preferential and competitive returns and many more benefits.

Commenting on the new program’s launch, Mr. Marwan Saqer, Head of Consumer Banking at Arab Bank – Palestine, said: “The newly-launched ‘Arabi Junior’ program is a value added addition to Arab Bank’s array of programs offered to its customers of all ages and segments to meet their banking and non-banking needs.” He added: “Arabi Junior provides an ideal savings tool for parents and their children– up to 17 years old- as it offers a host of unique banking privileges designed specially to cater to the needs of this age group and to promote financial literacy and instill a savings culture.”

It is worth noting that “Arabi Junior” program is part of Arab Bank’s comprehensive banking programs offering, supported by fully integrated digital channels designed to meet the evolving banking needs of the whole family throughout its life cycle. The bank’s array of programs respond to the needs of children, youth, employees, and professionals, in addition to providing banking and wealth management programs for middle to high net worth groups, as well as bancassurance services.

Arab Bank recently opened its newly renovated Birzeit branch, located in Birzeit main street - Ramallah and Al-Bireh Governorate, following the completion of all related refurbishment works. This comes as part of the bank’s strategy to reinforce its branch network of 32 branches and its presence in vital areas providing customers with the best banking services that meet their evolving needs and requirements.

Commenting on the branch opening, Country Manager at Arab Bank – Palestine, Mr. Jamal Hurnai, said: “The new branch is equipped with the latest banking technologies and is led by a team of expert employees dedicated to offering our customers the highest standards of service.” Hurani added: “We continuously seek to reinforce our branch network and deploy the latest technologies in banking to serve our valued customers with utmost flexibility and security in line with their expectations.”

In addition to the comprehensive and personalized banking services offered to “Arabi Premium” customers, the new branch also provides customers with the usual banking services, such as opening all types of accounts, cash withdrawal, deposits, currency exchange, bill payment, finance services, credit card services, as well as direct banking services around the clock enabling customers to carry out transactions easily and securely.

Arab Bank Group reported net income after tax of $ 215.2 million for the nine months of 2020 as compared to $668.9 million for the prior period, recording a drop of 68%.

The fall in the profits is attributable to the build up of higher provisions, driven by current and forecasted economic conditions, and reflects the deterioration in the macro-economic environment in 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.

Group net operating income is at $ 808 million, recording a drop of 22% from prior period as a result of a decrease in net interest and commission income, in addition to a drop in the profits of the bank’s associates in the Gulf.  Customer deposits grew by 8% to reach $ 37.5 billion as compared to $ 34.7 billion, while loans grew by 2% to reach $26.7 billion as compared $ 26.1 billion. The Group maintained its strong and robust capital base with equity of $9.3 billion and with a capital adequacy ratio of 16.7% calculated in accordance with Basel III regulations. The Group enjoys high liquidity with a loan-to-deposit ratio of 71.1%, 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 had, and continues to have, a significant impact on businesses around the world.

Mr. Sabbagh, Chief Executive Officer, stated that the global and regional banking sectors will continue to face challenges because of the economic contraction, the higher cost of risk, and lower interest rates. He added that growth in the GCC countries has also declined sharply due to the plunge in oil prices.

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 the pandemic has negatively affected the performance of banks throughout the region and globally, and affirmed that Arab Bank Group will continue to maintain its strong and resilient financial position.

Arab Bank recently launched the new “E-Tawfeer” savings service, which enables customers to save money online through “Arabi Mobile” App with utmost flexibility and convenience using smartphones and tablets. The launch of the new service comes as part of Arab Bank’s constant efforts to expand its digital offerings and deploy the latest digital banking solutions and services that provide customers with an advanced banking experience.

The new “E-Tawfeer” service is both flexible and secure as it allows customers to set their preferred savings plan according to their needs and personal goals with the ability to modify the plan at any time. This is in addition to earning reward points through the “Arabi Points” program at the value of 10 points for each USD 50 deposited or transferred to the account, or its equivalent in other currencies, as well as 200 bonus welcome points upon opening an account and making the first deposit, and many more benefits.

Commenting on the launch of this new service, Mr. Marwan Saqer, Head of Consumer Banking at Arab Bank – Palestine, said: “We continuously seek to deploy the latest digital banking solutions in order to serve our valued customers within the highest levels of flexibility and security.” He added: “Through ‘E-Tawfeer’ service available on ‘Arabi Mobile’, we offer our customers preferential benefits that enable them to set their own savings plan and goals online, relate them to a specific period of time and constantly follow up on these savings goals to achieve them. The service is also available to the Palestinian expatriates in GCC countries within ‘Arabi Cross Border program.”

It is worth mentioning that Arab Bank provides its customers with a comprehensive range of digital banking solutions, including: “Arabi Mobile” App, “Arabi Online” service, Interactive Teller Machines (ITM), as well as the drive-thru ATM which will be made available to customers shortly.

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.

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.

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.

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). 

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.

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.

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.

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. 

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.

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.

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.

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.