Arab Bank was recently the diamond sponsor of the "Nablus Expo 2023 – Nawart Nablus." This sponsorship reflects the bank’s on going commitment to support the national economy and its development by participating in key economic events that contribute in driving sustainable economic development, particularly in Nablus, the commercial, economic, and agricultural center of the Palestinian economy.

During the event, Arab Bank employees were present at a dedicated booth where they showcased a variety of the bank's services and products catering to different age groups, including children, university students, employees, professionals, entrepreneurs, and companies. Attendees were also introduced to Arab Bank’s host of unique banking services, which include innovative digital payment solutions, cards, and more.

Commenting on this event, Mr. Jamal Hurani, Country Manager at Arab Bank  - Palestine, said: "Arab Bank’s participation in the "Arab Bank’s participation in the 'Nablus Expo 2023 – Nawart Nablus' reflects its continuous commitment to engage with the public and provide unique banking services designed to meet their needs and fit their lifestyle, in line with the latest advancements in the banking industry.” Hurani added: "Arab Bank seeks to achieve sustainable economic, social, and environmental development by offering innovative banking solutions to its corporate and consumer customers through its digital banking services and POS channels. This provides many benefits to merchants and their customers, including increasing the adoption of seamless and secure digital payment solutions, e-payment gateway services, financing services, and international banking transactions."

Hurani also praised the efforts of the Nablus Chamber of Commerce, Industry and Agriculture in organizing this vital event in Nablus, which witnessed high attendance and a variety of engaging activities.

Arab Bank is one of the leading financial institutions locally and regionally in providing the latest banking solutions for its customers across the different sectors. The bank recently received the “Best Corporate and Consumer Digital Bank in Palestine 2023” award from Global Finance magazine.

Global Finance, a New York-based international publication, has recently named Arab Bank the “Best Corporate and Consumer Digital Bank in Palestine 2023”. The bank also received 16 awards in recognition of its corporate and consumer digital banking services across Middle East markets.    

Arab Bank was chosen by a world-class panel of judges, which included experts in consulting, technology, and outsourcing, in addition to the magazine’s team of editors. The criteria of selection included: strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, web/mobile site design and functionality, and the breadth of its product and service offering.

This global recognition complements Arab Bank’s significant success record and comes as a result of its constant efforts to deploy the latest digital banking solutions and services that meet the needs of its customers across the different sectors in line with the latest technologies in the banking industry.

On the regional level, Arab Bank received a total of two recognitions for its consumer services, which included “Best Lending Bank in the Middle East” and “Best Bill Payment and Presentment in the Middle East”.

It is worth mentioning that Arab Bank was recently named “Best Bank in the Middle East 2023” by Global Finance for the eighth consecutive year.

For the ninth consecutive year, Arab Bank and INJAZ Palestine renewed the “Schools’ Renovation” agreement to renovate and maintain several public schools across 6 governorates in cooperation with the Ministry of Education.

The "Schools’ Renovation" program is one of the main programs adopted by Arab Bank and is implemented annually as part of its corporate responsibility program "Together". The initiative aims to contribute to creating a healthy and safe educational environment for both the students and teachers. Through the initiative, several schools are selected based on specific criteria set in collaboration with the Ministry of Education. Following the selection, INJAZ is responsible for handling the renovation and maintenance of the schools, addressing the urgent needs of existing schools and performing minor maintenance work on new schools to ensure their readiness to welcome students.

Six schools across Kafr Ra’I, Qalqilya, Nablus, Tulkarm, Hebron and Jericho have been selected as part of the initiative to undergo maintenance and renovation. The work will include replacing old windows with aluminum ones, upgrading sanitary units, fixing sewage and water networks, renovating school yards and classrooms, and contributing to equipping computer and vocational training labs.

It is worth mentioning that Arab Bank is committed to implementing vital community initiatives and activities that contribute to achieving economic, social and environmental sustainable development as part of its social responsibility. The “Schools’ Renovation” program, in particular, has created a positive impact on a large number of students through the maintenance and renovation of more than 40 public schools. Education is one of Arab Bank’s priorities within its social responsibility program “Together”, which aims to serve the community in areas related to health, poverty alleviation, environmental protection, education, orphan support, and women empowerment.

Arab Bank continued its support to the “School Bags” initiative in collaboration with the Ministry of Social Development. The bank’s support comes as part of its commitment to fulfilling the basic needs of the less fortunate segments of the community, and its efforts in supporting the education sector, particularly underprivileged children by providing their essential school supplies.

For the sixth consecutive year, the bank distributed 2,000 school bags including stationary to students for the back-to-school season. The bags were distributed across Hebron, Jericho, Jenin, Ramallah, and Jerusalem in collaboration with the Ministry of Social Development and its directorates.

The Ministry of Social Development thanked Arab Bank’s for its vital role and contributions in serving the community, particularly the underprivileged segments.

Since its launch, Arab Bank’s social responsibility program “Together” has been supporting community initiatives across the areas of education, health, environmental protection, poverty alleviation, orphan support, and women empowerment, which directly contribute to achieving sustainable economic, social and environmental development.

Arab Bank has recently sponsored the Fourth Economic Empowerment Conference “Investing in Palestine”, which was held at the Korean Palestinian Center in Hebron. The conference was organized by the Palestinian Business Forum and witnessed wide attendance from Palestinian and Jordanian businessmen, and entrepreneurs, as part of the bank’s efforts in supporting entrepreneurship, enablement, and contributing to economic development.

During the conference, Arab Bank took part in a discussion session entitled “The Importance of Driving Entrepreneurship and Innovation”, which was moderated by a group of competent and experienced Arab Bank employees. The session covered the main challenges faced by entrepreneurs and business owners, and shed light on Arab Bank’s efforts in enabling startups and SMEs through credit loans, bonds, credit facilities, digital banking services, and more. This is in addition to the bank’s role in providing businesses with facilities by offering advanced banking services and solutions, guidance through feasibility studies that contribute to the creation of successful investment opportunities, and raising financial and banking awareness.

Commenting on this event, Country Manager at Arab Bank – Palestine, Mr. Jamal Hurani, said: "Arab Bank's sponsorship of the Fourth Economic Empowerment Conference reflects the great importance it places on vital economic events that encourage investment opportunities and economic enablement programs for entrepreneurs." He added: “Arab Bank continuously seeks to support entrepreneurial ventures and encourage investment, in addition to its active role in supporting the business sector by providing integrated banking services to corporates and SMEs and an exceptional banking experience to renowned businessmen.”

It is worth mentioning that Arab Bank provides a host of innovative banking products, services, and solutions to meet the needs of its corporate sector customers, relying on its extensive experience and global network. The bank also employs the latest digital solutions that facilitate swift banking transactions both locally and abroad.

Arab Bank has recently received the “Best Bank in the Middle East 2023” award by New York-based international publication “Global Finance”, for the eighth consecutive year.

The editors of Global Finance made this global recognition after extensive consultations with corporate financial executives, banking consultants, and analysts throughout the world. In selecting top banks, Global Finance considered several factors that included: growth in assets, profitability, geographic reach, strategic relationships, new business development, and innovation in products.

Global Finance Awards cover more than 150 countries and jurisdictions across Africa, Asia-Pacific, the Caribbean, Central America, Central and Eastern Europe, Latin America, the Middle East, North America, and Western Europe. 

Commenting on this recognition, Ms. Randa Sadik, Arab Bank’s Chief Executive Officer, said: "We are proud to receive this global recognition for the eighth consecutive year. It is a true testament to the sustainable growth of our operations and the solid performance of our regional network across the MENA region." Ms. Sadik added: “We are committed to providing comprehensive banking solutions that cater to the diverse needs of our customers across various sectors, locally, regionally, and globally. Aligned with our vision to maintain a leading position and to enrich our customers' banking experience, we will continue to embrace the latest technological advancements and contribute to driving sustainable economic, social, and environmental development in line with our strategy and ambitious future vision."

It is worth mentioning that Arab Bank, headquartered in Amman - Jordan, was established in 1930 and has one of the largest global Arab banking networks with over 600 branches spanning over five continents. Arab Bank’s extensive network covers key financial markets and centers such as London, Singapore, Shanghai, Geneva, Paris, Frankfurt, Sydney, Dubai, and Bahrain.

Arab Bank Group reported solid results for the first quarter 2023, with 30% increase in net income after tax reaching $216 million as compared to $166 million for the same period last year.

The Group maintained its strong capital base with a total equity of $10.4 billion. Loans grew to $35.4 billion and deposits reached $47.7 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 3% & 4%, respectively.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that Arab Bank’s first quarter 2023 performance was strong despite the challenging environment for banks globally and regionally. He also added that the results reflect the bank’s resilience and ability to deliver sustainable growth. Mr. Masri commented that the bank remains committed towards serving customers’ evolving needs, and continuing to invest in innovation and digital transformation.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank continued to deliver sustainable growth rates during 2023 despite the continued elevated inflation & interest rates. Ms. Sadik commented that the bank’s net operating profit grew by 50% driven by the growth in revenues from its core banking business as well as disciplined control of operating costs, where provisions held during the period reflect the bank’s prudent strategy against the increased economic uncertainty witnessed globally and regionally.

Ms. Sadik added that the Group’s liquidity and asset quality remains solid where loan-to-deposit ratio stood at 74.1% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 16.8%.

Ms. Sadik also highlighted Arab Bank’s commitment towards innovation and digital transformation through expanding digital banking services and solutions inline with the latest trends and developments. She also noted that the bank is offering initiatives for FinTech entrepreneurs to present their ideas to develop them into innovative FinTech solutions and products.

For the second consecutive year, Arab Bank continues its support for the SOS Children's Villages, as part of the bank’s social responsibility program "Together". Through its support, Arab Bank will sponsor one family from the SOS Children's Villages, which operates by implementing its various programs for orphaned children who require foster care and familial support, serving over 4,200 children.

This initiative comes as part of Arab Bank’s constant efforts to support community initiatives aimed at providing a decent living for orphans and those who lost parental care. Through the agreement, Arab Bank will cover the children’s expenses at SOS Villages, including education, clothing, food, as well as their daily and medical expenses throughout the year.  

Commenting on this initiative, Country Manager at Arab Bank – Palestine, Mr. Jamal Hurani, said: “Arab Bank’s support for the second year in a row is part of its sustainability strategy, and particularly in community development through the bank’s social responsibility program “Together” that support various community initiatives aimed at fostering social solidarity and offering help to those in need.” He added: “We value the humanitarian role that the SOS Children’s Villages undertakes in providing holistic care and a decent life for orphans and those who lack parental care.”

For his part, National Director of SOS Children’s Villages, Mr. Ibrahim Faltas, said: “We are proud to have Arab Bank as a strategic sponsor that contributes to achieving our objectives as we care for over 400 families and 4,200 orphaned and at-risk children.” He added: “We value Arab Bank’s support in making a positive impact on the lives of the orphaned children.”

The SOS Children’s Villages – Palestine is a non-profit organization registered in Palestine as part of the global SOS Children’s Villages, which operates in over 138 countries and territories around the world to provide alternative care for children who lost their family or are at risk of losing it. This mission is carried out by providing children with nurturing homes within SOS Villages where they live with a loving Mother, brothers and sisters in a family atmosphere that enables them to develop their individual relationships and abilities, helps them lead independent lives and face the challenges of life in the future.

It is worth mentioning that Arab Bank adopts a comprehensive strategic approach in serving the community as part of its social responsibility to contribute to achieving sustainable economic and social development through a variety of activities and initiatives that positively impact vital areas including orphan support, health, poverty alleviation and environmental protection.

Arab Bank, in collaboration with the Palestinian Telecommunications Group “Paltel”, has recently launched “Reflect”, the first Neobank in Palestine, operating under its existing license from the Palestinian Monetary Authority. Reflect offers an innovative and personalized banking platform designed specifically to provide an integrated and user-friendly banking experience via smartphones.

Reflect represents an added value addition to Arab Bank's offering, which aims to provide innovative digital banking solutions to different customer segments, tailored to their lifestyle based on the latest technological advancements in the banking sector.

The official launch of Reflect took place in the presence of notable dignitaries, including H.E. Dr. Feras Milhem, Governor of the PMA, His Excellency Dr. Ishac Sider, Minister of Telecommunications, H.E. Mr. Shukri Bishara, Minister of Finance, H.E. Mr. Sabih Masri, Arab Bank Chairman of the Board of Directors, Ms. Randa Sadik, Arab Bank CEO, Mr. Bashar Masri, Vice Chairman of Paltel, Mr. AbdulMajeed Melhem, CEO of Paltel, Mr. Jamal Hurani, Country Manager at Arab Bank – Palestine. The launch was also attended by several officials, public figures and media representatives. 

On this occasion, Mr. Sabih Masri, Arab Bank Chairman of the Board of Directors, expressed that the launch of Reflect as the first Neobank in Palestine marks the beginning of a strategic collaboration between Arab Bank and Jawwal. This collaboration aims to deliver new and innovative digital banking solutions to the Palestinian market. Mr. Masri also emphasized the strategic significance of the Palestinian market and the bank’s commitment to establishing partnerships that foster investment and contribute to sustainable development for the benefit of individuals and corporations across various segments and sectors in Palestine.

Governor of the PMA, Dr. Feras Milhem, expressed his pride in the launch of Reflect, highlighting its alignment with the PMA’s digital transformation strategy in Palestine. Through the strategic cooperation between Arab Bank – Palestine, Jawwal Pay, and Jawwal, Reflect will provide customers with integrated digital banking services and solutions, thereby promoting financial inclusion in Palestine and expanding the customer base utilizing digital banking services.

Dr. Milhem added that the launch of Reflect comes in line with the PMA’s strategy of enabling licensed banks to actively participate in digital transformation without requiring specific licensing. This initiative is part of the PMA’s ongoing efforts to keep up with the latest technological advancements and promote digital transformation in Palestine, specifically within the banking sector. By reducing reliance on cash, these efforts will aim to benefit the local economy.  Dr. Milhem also reaffirmed that Reflect will play a pivotal role in bolstering the digital banking landscape in Palestine in line with the PMA’s strategy and customers’ needs for accessible and cost-effective advanced financial services.

For his part, Dr. Ishac Sider, Minister of Telecommunications, praised this accomplishment, recognizing its significant contribution to the digital transformation efforts in Palestine. Dr. Sider also affirmed the commitment of the Ministry of Telecom and the Palestinian Government to pursuing long-term digital transformation goals, particularly within the banking sector, to facilitate convenient access to banking services through digital channels.

He also noted that the spread of digital banking services encourages the Ministry of Telecom to expand its efforts in developing robust infrastructure and enhancing connectivity through broadband networks, considering that such banking services mainly depend on internet availability to operate. He further emphasized the considerable progress Palestine has made on this front, due to the granted licenses for optic fiber networks.

Commenting on Arab Bank’s vision and its future strategy aimed at strengthening its leading position in the banking sector, locally and regionally, Ms. Randa Sadik, Arab Bank CEO, affirmed that the launch of "Reflect", the first Neobank in Palestine, comes as part of the bank's digital transformation strategy. It reflects the bank's future plans in the Palestinian market and its solid commitment to enhancing its presence through providing the latest services to different client segments, as well as contributing to the advancement and growth of the Palestinian banking sector.

Ms. Sadik highlighted that the strategic collaboration between Arab Bank and Jawwal represents the bank’s commitment to partnering with various institutions across sectors to serve the customers by providing comprehensive banking solutions tailored to different segments of the community. Ms. Sadik also stated that such collaboration will contribute to broadening the base of financial inclusion and reinforcing national endeavors to establish a robust, advanced and sustainable digital economy in line with the Palestinian Monetary Authority's strategy.

In turn, Mr. AbdulMajeed Melhem, Paltel CEO, expressed his pride in the launch of the first Neobank in Palestine. Melhem reaffirmed that Paltel Group in collaboration with Arab Bank will not only seek to offer its customers the latest services but also to complement the digital transformation strategy of the PMA and the Ministry of Telecommunication, as well as Arab Bank's vision to instill a culture of digital transformation and raise awareness about digital financial services and their impact on individuals and the national economy. he also expressed Paltel’s commitment to expanding its customer and partner base in collaboration with the media in Palestine.

Melhem further added: "Digital transformation is essential in Palestine and integral for the advancement of the telecommunications and information technology sector. This feeds into the critical role we have in promoting a culture of innovation and transformation, while supporting the digital the success of the transformation journey. We remain committed to developing the necessary infrastructure for both fixed and mobile networks and actively pursuing the development and investment in cutting-edge technologies to fulfill this objective.”

It is worth noting that "Reflect" offers a wide range of digital banking services and products that meet the daily needs of its customers, including digital account opening using smartphones, IBAN accounts, debit cards (digital and plastic), payment via QR Code, cash withdrawal and deposit through Arab Bank ATMs, savings solutions, a loyalty program with special rewards, and a wide network of merchants that accept payment via QR Code, through which Reflect will also offer benefits and discounts. This is in addition to a range of services that will be launched at a later stage, including the platinum credit card, Apple Pay service, salary account, instant digital loan, international transfers, and the "Buy Now, Pay Later" service through a wide network of merchants in collaboration with Arab Bank and Jawwal.

Reflect is available for download on AppStore, Google Play, and Huawei App Gallery, noting that Reflect users are not required to be Arab Bank customers.

Arab Bank Group achieved solid results for the period ending December 31, 2022, with net income after tax of $544.3 million as compared to $314.5 million in 2021. The Group’s performance was driven by robust growth in its core banking business across different markets, as net profit before provisions and tax increased by 23% to reach 1.35 billion US dollars.

Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 5% to reach $35.4 billion and $ 47.7 billion, respectively, despite the volatile operating environment.

In view of these results, the Board of Directors has recommended to the shareholders, the distribution of 25% cash dividends for the financial year 2022.

Mr. Sabih Masri, Chairman of the Board of Directors, commented that Arab Bank was able to achieve several key strategic objectives in 2022 despite the challenges that emerged during the year. He also added that the results reflect the bank’s unique footprint as well as its diversified franchise and rooted presence in several markets. Mr. Masri stated that the bank remains committed to its strategic sustainable growth direction centered on serving customers’ evolving needs, and continuing to invest in innovation and digital transformation.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank continued to deliver sustainable growth rates during 2022 despite the economic challenges stemming from high inflation, increased interest rates and the devaluation in exchange rates of several currencies against the US dollar. The bank’s net operating profit grew by 23% driven by the growth in revenues from its core banking business, its diversified sources of income, with focus on non-interest income, as well as controlling operating expenses in line with the bank's prudent strategy.

Ms. Sadik added that the Group’s liquidity and asset quality remains solid where loan-to-deposit ratio stood at 74.2% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 16.6%

Ms. Sadik also highlighted that as part of Arab Bank’s commitment towards Sustainability and its Environmental, Social and Governance (“ESG”) priorities, the bank has launched its inaugural Sustainable Finance Framework, in line with international principles, guidelines and best practices. Arab Bank is the first bank in Jordan to adopt such a Framework and the bank has obtained a Second Party Opinion from S&P Global Ratings, which has affirmed the Framework’s alignment with the related international principles. 

With regard to the bank's digital transformation efforts, Ms. Sadik stated that the bank continues to implement its ambitious strategy on this front, noting that during the year the bank launched several digital banking services and solutions across various markets to meet the evolving needs and expectations of the different customer segments, including youth, inline with the latest trends and developments.  

Arab Bank was named “Best Bank in the Middle East 2022” for the seventh consecutive year by New York-based international publication “Global Finance”. The bank also received several awards in recognition of its corporate and consumer digital banking services in Jordan and across the MENA region.

The 2022 financial statements are subject to the approval of the Central Bank of Jordan.