As part of the bank’s corporate social responsibility program “Together”, Arab Bank in collaboration with Tkiyet Um Ali, has started the distribution of winter blankets to underprivileged families in a number of the Kingdom's governorates as part of “Lamset Dafa” initiative conducted for the seventh consecutive year. Around 1,400 blankets are being distributed during November and December to underprivileged families, supported by Tkiyet Um Ali’s programs in Amman, Al Zarqa’, Madaba, Jerash, Al Mafraq, Irbid, Ma’an, Al Tafila, Central Jordan Valleys and Aqaba.
Arab Bank was recently the golden sponsor for the Accounting Professional Day entitled “"Last updates on International Financial Reporting Standards” which was held in Amman, under the patronage of H.E. the Minister of Finance and organized by the Jordanian Association of Certified Public Accountants. The forum was attended by a large number of businessmen, bankers and certified accountants from Jordan, the region and Arab professional associations in addition to participants from the regulatory authorities in Jordan.
The forum covered several topics that are of interest to the business sector in the Kingdom focusing on the latest amendments on International Financial Reporting Standards (IFRS). The discussion panels, led by financial experts, covered IFRS 9 on Financial Instruments, IFRS 15 on Revenue from contracts with customers and IFRS 16 on Lease Contracts.
Arab Bank's sponsorship of this forum comes as part of its constant commitment towards supporting initiatives and events aimed at promoting professional development and contributing to social and economic sustainability.
Arab Bank was the diamond sponsor of the Ninth International Conference of Royal Medical Services entitled “Leadership in Healthcare: Duties and Challenges”, which was recently held under the patronage of his Majesty King Abdullah II, Supreme Commander of the Jordan Armed Forces-Arab Army, at the King Hussein Bin Talal Convention Centre at the Dead Sea, from October 30th to November 2nd, 2018. The conference was attended by more than 220 scientists, experts officials and specialists in the medical fields and 30 official military delegations from the region in addition to nearly 6500 participants from Jordan, Arab and foreign countries.
The four-day conference included panel discussions and workshops in the fields of medicine, pharmacy, dentistry, nursing and allied health professions, providing a platform to exchange knowledge and expertise and showcasing advanced technological development in the medical field.
Arab Bank's strategic sponsorship of this conference is part of its constant commitment towards supporting initiatives and events focusing on the development of vital areas of the economy and community including those related to the medical sector, which is a main contributor to achieving sustainable development. Additionally, the bank’s support comes in recognition of the instrumental role of the Royal Medical Services in keeping up with the latest developments and trends in the health sector in order to help improve the health services provided in the Kingdom and reinforce its leading position in this field locally and regionally.
Arab Bank Group reported net income after tax for the nine month period ended 30 September 2018 of $643 million compared to $601 million in the prior period, recording a growth of 7%. The Group’s net income before tax grew by 8% to reach $865 million with net operating income reaching $ 988 million and recording a growth of 9%.
Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong operating performance of Arab Bank Group confirms the success of the Group, with its diversified business model regionally and globally, in dealing with the challenging operating environment.
Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the strong underlying performance of Arab Bank Group is reflected in the growth in net operating income during the nine month period which was driven by core banking income generated from interest and fees coupled with effective cost management. Net operating income grew by 9% and net interest income went up by 11% as a result of yield improvement and the effective management of cost of funds. Loans reached $25.4 billion while customer deposits reached $33.2 billion.
Mr. Sabbagh stated that the Bank’s main lines of business; corporate banking, consumer and private banking, and treasury have performed well despite the challenging conditions, benefiting from clear business focus and the bank’s strong platform in its home market and the extensive network regionally and globally. He further added that the Group’s core revenues are well diversified geographically between Jordan, GCC, Levant and North Africa, in addition to international operations which leverage the synergies with the Group’s business in the Arab World. Mr. Sabbagh stated that the Bank obtained Chinese regulatory approvals and will open its branch in Shanghai early 2019 to finance the increasing trade and commercial links between China and the Arab world.
Mr. Sabbagh commented that the Bank’s healthy returns have been understated over the past few years by one off unusual year-end provisions relating to the New York legal cases which were put to finality early in the year. He added that there will not be any legal provisions to be booked in the fourth quarter of this year, and that the Group is on a clear path to deliver sustainable growth.
Mr. Sabbagh continued that the Bank enjoys a strong balance sheet and solid fundamentals in terms of liquidity, capital strength, asset quality, and operating efficiency. He remarked that Arab Bank Group enjoys strong liquidity in the form of a granular deposit base and robust capitalization comprised of Tier 1 capital. Capital Adequacy Ratio as at 30 September stood at 15.9%. Liquidity remains high with a loan to deposit ratio of 77% and Basel 3 liquidity ratios well in excess of what is required. Mr. Sabbagh also highlighted that the Group has healthy asset quality metrics with credit provisions held against non-performing loans exceeding 100%.
Mr. Sabbagh concluded that while he anticipates the environment to continue to be challenging, he expects the Bank to perform well.
Mr. Masri remarked that the broad diversification of the business model and the geographical profile of Arab Bank will continue to support the strong financial performance of the Group and its position in its markets. He added that the strength of Arab Bank’s large and unrivalled Arab banking network with a presence in 5 continents has given the Group a robust platform to deliver strong results.
Mr. Masri concluded that Arab Bank has a solid and resilient business franchise and that it is in a strong position to capitalize on regional opportunities. He said that the Bank is committed to maintaining the highest standards of excellence in financial services and will continue to build on its core strengths and create value for its customers, employees, and shareholders.
Arab Bank was named for the third year in a row “Best Bank in the Middle East for 2018” by Global Finance, New York, and was named “Bank of the Year in the Middle East for 2017” by The Banker – Financial Times, London.
Arab Bankers Association, headquartered in London, granted Chief Executive Officer of Arab Bank, Mr. Nemeh Sabbagh, its 2018 award for “Distinguished Services to Arab Banking”, in recognition of his outstanding efforts and contributions to Arab banking industry for more than 40 years.
The honoring ceremony took place at the Arab Bankers Association’s Annual Gala Dinner held on 18 October 2018 in London. The event was attended by regional and global economic figures and leading bankers.
George Kanaan, the CEO of the Arab Bankers Association said, “We are delighted to be able to honor Nemeh Sabbagh for his distinguished service to Arab Banking. Mr. Sabbagh leads an iconic Middle Eastern financial institution – Arab Bank – which has been protecting its customers and enabling them to fulfil their financial ambitions for nearly one hundred years”.
Nemeh Sabbagh is one of the most prominent Arab bankers. Earlier in his career, Mr. Sabbagh played a leading role in managing and expanding the international network of National Bank of Kuwait for nearly 20 years. Subsequently, Mr. Sabbagh led Arab National Bank in Saudi Arabia and BankMed in Lebanon. He is currently the CEO of Arab Bank since 2010 in addition to being the Chairman of Europe Arab Bank in London. Mr. Sabbagh holds MA degree in International Economics and Middle East Studies from Johns Hopkins University in addition to MBA in Finance from University of Chicago.
The Arab Bankers Association is the London-based professional body for those who work in banks and related industries in the Arab world and in the United Kingdom. It was founded in 1980.
Arab Bank has recently launched an updated version of its Arabi Mobile App offering a suite of digital banking solutions specially designed to allow customers to carry out many banking transactions online, easily and securely. The launch of the new version of the application comes as part of Arab Bank’s constant efforts to deploy the latest digital banking solutions towards offering its customers optimal banking experience.
With its new features the updated version of Arabi Mobile App represents yet another value-added proposition that complements Arab Bank’s digital banking channels giving customers further flexibility and the access to bank conveniently around the clock from wherever they are. The app’s new features include: instant registration, login with fingerprint and pattern, personalized app design based on the customer’s account type, beneficiary management for easier and quicker money transfers, the option to change or create a new second password, funds transfer between accounts, credit card dues and bills payment, funds transfer to local and international banks, request of various products and services such as credit cards and accounts details in addition to many other features.
Commenting on the mobile app update, Naim AlHussaini – Executive Vice President – Head of Consumer Banking at Arab Bank stated: “At Arab Bank, we continuously seek to enhance our customers experience by providing seamless digital banking solutions that meet their expectations and fit their lifestyle.” AlHussaini added: “Driven by customers’ evolving needs and behavior patterns, the banking sector is focusing more than ever on adopting digital solutions as a core strategy. Hence, we diligently worked to upgrade Arabi Mobile App with a host of added features in order to encourage our customers to use our digital banking channels for their day-to-day banking transactions and enjoy the added convenience and security which come with it.”
It is worth mentioning that Arabi Mobile App was also recognized as the Best Mobile Banking App (for smartphones and tablets) in Jordan for 2018 by Global Finance, a New York-based international publication, which also awarded Arab Bank the Best Consumer Digital Bank in Jordan for 2018.
The new version of Arabi Mobile App is available to Arab Bank customers through Apple Store and Google Play.
Global Finance, a New York-based international publication, has recently granted Arab Bank 14 global awards in recognition of its consumer and corporate digital banking services across the Middle East in 2018. The 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 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 offering customers across different sectors a seamless and responsive banking experience that meets their evolving needs and expectations. The awards for Jordan included Best Consumer Digital Bank, Best Mobile Banking App (for smartphones and tablets), Best Online Trade Finance Services, Best Online Cash Management, Best Website Design, Best in Social Media Marketing and Services and Digital Bank of Distinction (the best local Corporate/Institutional Digital Bank).
Arab Bank was also named Best Consumer Digital Bank in Palestine and Egypt, in addition to Digital Bank of Distinction (best local Corporate/Institutional Digital Bank) in Qatar, Bahrain and Lebanon.
On the regional level, Arab Bank received the awards for Best Website Design and Best in Social Media Marketing and Services in the Middle East for 2018.
Arab Bank was selected for these awards based on several factors including: 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 and web/mobile site design and functionality.
It is worth mentioning that Arab Bank received several international awards and recognitions from reputable international parties, most notably the award of Best Bank in the Middle East for 2018 from Global Finance (for the third consecutive year) in addition to Bank of the Year Award in the Middle East for 2017 from The Banker Magazine – Financial Times, London.
Arab Bank recently sponsored the "Small and Medium Enterprises and its Effect on Women Empowerment” forum which took place at the Intercontinental Hotel in Amman. The forum was organized by the Union of Arab Banks in cooperation with the Central Bank of Jordan and the Association of Banks in Jordan under the patronage of H.E. Dr. Ziad Fariz, Governor of the Central Bank of Jordan.
The two-dayforum was attended by a large number of bankers, economists, business representatives and experts from Jordan and the region who have discussed a range of topics related to SMEs including: SME’s funding and supporting strategies and mechanisms, financial inclusion policies as a platform to support SMEs and microenterprises, embracing creativity and innovation, the role of the banking sector and the various financial bodies in supporting SMEs, the economic & development policies required for supporting the economic and social development of women, in addition to many other relevant topics.
Arab Bank's strategic sponsorship of this forum comes as part of its constant commitment towards supporting economic initiatives and events focusing on the development of vital business sectors contributing to social and economic sustainability.
It is worth mentioning that Arab Bank is considered one of the leading banking institutions that support the SMEs sector both, locally and regionally. The bank offers a wide range of banking services through its vast network of business centers and branches throughout the Kingdom to support the growth of such enterprises.
In this regards, Arab Bank has received this year several international awards and recognitions from reputable international parties including Best Bank for SMEs in the Middle East from Euromoney.
As part of Arab Bank’s strategic initiatives to build the capacity of the Bahraini youth and assist them in entering the labor market, the bank recently conducted a two month training program for university students in the Kingdom of Bahrain. The training aimed at preparing students to work in the banking sector. To maximize the learning experience, the selected trainees were assigned to different divisions across the bank based on their majors where they received practical training under the direct supervision of specialized experts.
The training program, which started last July, included an introduction to daily banking operations and the different business divisions at the bank as well as the daily interaction between employees and customers to gain the necessary banking experience and communication skills associated with the work environment. It is worth mentioning that during this year, Arab Bank trained a total of 20 university students from the University of Bahrain, as well as other private and international universities.
Arab Bank has recently launched a special promotional campaign during summer that allows Visa credit cardholders to earn extra free points when purchasing from different points of sale. This comes as part of the ongoing promotional campaigns launched by the bank to reward its existing and new customers.
The campaign, which will run until September 30, 2018, targets Arab Bank VISA credit cardholders who make payments through their cards at a range of points of sale including airlines, restaurants, travel agencies, hotels, online shopping, schools as well as when making shopping transactions abroad. The promotion offers cardholders up to 2000 free bonus points through the “Arabi Rewards” program when using the following cards: Shabab, Gold, Black, Platinum, 2018 FIFA World Cup and Signature. Newly issued cards for Elite & Arabi Premium clients will also receive welcome bonus points upon card issuance. Shabab program customers will also receive 100 bonus points with their new Shabab credit card.
Furthermore, the campaign offers school fees installment feature at 0% interest. Online purchases of 400 dinars can also be repaid at 0% interest for 3 months through the Easy Payment Plan program.
Commenting on the campaign, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk stated: “At Arab Bank, we always seek to introduce new services and provide our valued customers with special offers that meet their needs and fit their lifestyle.” Matouk added: “By launching this promotional campaign at this time of year, we aim to provide our credit cardholders the best value when shopping online or at any store during the summer season.”
Arab Bank credit cards provide their holders with a wide range of benefits, including worldwide acceptance and easy access to credit card accounts through “Arabi Mobile” and the bank’s internet banking service “Arabi Online”.
Arab Bank has recently opened its first self service branch in the Kingdom. The opening comes as part of the bank’s strategy to reinforce its branch network and provide its customers with advanced digital banking solutions in line with the latest developments in the banking industry.
The new branch, located in Um Uthaina – Souq El Dahab, offers a unique hybrid human-digital interface whereby technology integrates with the human element to encourage customers to use Arab Bank’s digital banking services for conducting many banking transactions easily and securely at anytime. The digital services include instant issuance and renewal of debit/ATM cards, cash withdrawals with double the daily limit, instant issuance of account statements, the ability to deposit cheques in JOD at anytime, cashing of Arab Bank cheques after working hours and during the weekends in addition to the usual working hours, communicating in real-time with a bank representative via a video call through "ITM" and conducting a number of banking transactions through the digital biometric service “Finger Vein Recognition”.
Commenting on the branch opening, Mr. Naim Al Hussaini - Executive Vice President – Head of Consumer Banking at Arab Bank stated: “At Arab Bank, we continuously seek to provide our valued customers with advanced digital banking solutions in line with the latest technologies.” Hussaini added: “The self service branch has been equipped with the latest banking systems and technologies enabling us to offer our customers comprehensive services around the clock to meet their expectations and fit their lifestyle efficiently.”
In addition to the advanced digital technologies provided by the self service branch, dedicated Arab Bank employees are also available from Saturday to Thursday, from 9:30 am until 9:00 pm, to assist and advise customers as needed.
Arab Bank also allocated a digital banking section in its Abdali Mall branch reinforcing its digital banking offerings and availability to customers.
Arab Bank Group reported net income after tax for the six months period ended 30 June 2018 of $ 436 million compared to $415 million in prior period, recording a growth of 5%. The Group’s net income before tax grew by 6.4% to reach $582 million with net operating income reaching $ 668.5 million and recording a solid double digit growth of 13%.
Mr. Sabih Masri, Chairman of the Board of Directors stated that the solid performance of Arab Bank Group confirms the success of the Group in dealing with the challenging operating environment.
Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the strong underlying performance of Arab Bank Group is reflected in the growth in net operating income achieved during the first half of the year and which was driven by core banking income generated from interest and fees coupled with effective cost management. Net operating income grew by 13% and net interest income went up by 12% as a result of yield improvements and loan growth. Loans grew by 3% to reach $25.5 billion while customer deposits reached $33 billion.
Mr. Sabbagh remarked that Arab Bank Group enjoys strong liquidity and robust capitalization. The Group’s loan-to-deposit ratio stood at 71.6%, while the capital adequacy ratio calculated in accordance with Basel III regulations is 15.4%. He added that the asset quality of the Group remains high, with credit provisions held against non-performing loans exceeding 100%.
Mr. Masri concluded by remarking that the broad diversification of the business model and geographic profile of Arab Bank Group will continue to support the strong financial performance of the Group and its position in its markets.
Arab Bank was named “Bank of the Year in the Middle East for 2017” by The Banker – Financial Times, London and “Best Bank in the Middle East for 2018” by Global Finance, New York.
The 30 June 2018 financial statements are subject to the approval of the Central Bank of Jordan.
Arab Bank has launched its eighth sustainability report, titled “Responding to Sustainability Challenges”. The Bank’s 2017 Sustainability Report provides information on the Bank’s social, environmental and economic achievements and commitments during 2017.
The report has been prepared in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Standards, which was launched in 2016 and is considered to be the first international standards for sustainability reports, reflecting the highest levels of transparency and disclosure.
The report launch comes as part of the Bank’s ongoing commitment towards integrating sustainability into its daily operations, in a strategic manner that dovetails with the Bank’s constant efforts to support sustainable social, economic and environmental development.
With the launch of its eighth Sustainability Report, Arab Bank, once again, reiterates its leadership in sustainability development in the banking sector locally and regionally, as it is one of the few banks in the region to continuously report on sustainability based on international standards since 2010.
This report features the Bank’s achievements across its five main sustainability strategic focus areas; responsible financing, employees’ empowerment, transparent reporting, system optimization, and community cooperation. 2017 marked a year of major progress in realizing Arab Bank’s sustainability goals on the economic, social and environmental fronts.
On the environmental front, the Bank continued its efforts to reduce the environmental impact of its operations. The Bank also helped its customers to reduce their environmental footprint by offering them paperless banking solutions through digitalization.
This is in addition to the active role the Bank plays in financing environmentally-friendly infrastructure projects aimed at supporting environment conservation and expanding clean energy usage across Jordan.
On the social side, the year 2017 achieved record growth across the main indicators of the Bank’s employees volunteering program. This is manifested through the substantial increase in the number of volunteering hours, which has seen a 29% growth while volunteers’ participations have increased by 28% compared to previous year.
Arab Bank has recently reinforced its ATMs network to serve customers from cars by introducing new (Drive Thru) ATMs at various locations across Amman. This comes as part of the bank’s continuous efforts to provide the most advanced banking services to its customers deploying the highest technology standards.
Commenting on this service, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk stated, “Arab Bank’s Drive Thru ATMs are a great addition to the comprehensive and advanced banking solutions we offer our customers giving them the added value and extra convenience that meet their needs and expectations”. He also added, “With our Drive Thru ATMs, consumers can now conduct diverse banking transactions from their car seat, at ease, and round the clock.”
Arab Bank’s ATMs network includes 198 ATMs available in various cities and governorates across the Kingdom, including 6 Drive Thru ATMs located in 5th circle, Um Uthaina, Jopetrol Gas Station Al-Assaf, Jopetrol Gas Station Al-Madina Al-Monawara, Total Gas Station Al-Bayader and Total Al-Hurreyah Street.
Arab Bank has recently launched a special promotional campaign for its credit card holders on the occasion of the holy month of Ramadan. The promotion includes valuable cash prizes and comes as part of a series of ongoing promotional campaigns offered by the bank to its customers.
The campaign which will run until June 17, 2018, offers Arab Bank credit card holders a chance to get JOD 10 cash back on each JOD 100 they spend using Arab Bank credit cards at any Hypermarkets or Supermarket across Jordan. This is in addition to a chance to enter a weekly draw to win one of 50 vouchers worth JOD 150 from Cosmo or Carrefour.
Commenting on the campaign, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk stated: "This campaign coincides with the holy month of Ramadan and is part of the special campaigns that Arab Bank continuously carries out to reward its valued customers and to offer them added benefits when using Arab Bank credit cards.” Matouk added: “We work diligently to provide our customers with comprehensive banking solutions and unique offers that meet their expectations and fit their lifestyle and needs throughout the year.”
Arab Bank credit cards provide its holders a wide range of benefits, including worldwide acceptance, Arab Bank Rewards Program and easy access to credit card accounts through “Arabi Mobile” and the Bank’s Internet banking service “Arabi Online”.
Arab Bank recently launched a special promotional campaign for its customers in Jordan, entitled “Your Bills Are on Us, with Our Digital Banking Services.” The campaign aims to encourage customers to use the Bank’s E-channels services: "Arabi Online", "Arabi Mobile" and ATM for bill payments, credit card payments and remittances.
The promotion, which is valid until December 31st, 2018, offers all qualified individuals using digital banking services provided by Arab Bank a chance to enter a monthly draw to win back the value of their transactions conducted during the same month up to JD 1,000. Each month, three winners who carry out at least one transaction (Outward or inward remittances/ credit card payment/ bill payment through e-fawateercom) using "Arabi Online", "Arabi Mobile" and ATM will be announced.
Commenting on the campaign launch, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk stated, “Arab Bank seeks to continuously carry out special campaigns that reward our valued customers and offer them added benefits while using Arab Bank digital banking services within the highest levels of flexibility and security.” Matouk further added, “This campaign, which will continue throughout the year, is an ideal opportunity to encourage our customers to conduct many banking transactions easily and securely anywhere, anytime, and get a chance to win valuable cash prizes."
It is worth noting that Arab Bank offers its customers a comprehensive range of digital banking services free of charge and without any subscription fees. Using these E-channels, customers can carryout many banking transactions, such as accessing their balances and account details, making transfers between their accounts and other accounts, making credit card payments and linking or modifying their fixed deposits in addition to many other banking services.
Arab Bank Group announced its results for the first quarter of 2018 reporting a net profit after tax of $220.3 million as compared to $218.2 million in 2017, with net operating income before provisions and taxes reaching $335 million and recording a double digit growth of 15%. Loans and advances grew by 5% to reach $25.5 billion, whilst customer deposits stood at $33.4 billion.
Mr. Sabih Masri, Chairman of the Board of Directors stated that the performance of Arab Bank confirms the success of the Group in generating strong results despite the backdrop of a challenging operating environment.
Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with first quarter results recording a solid 15% increase in net operating income. He added that the strong performance was driven by growth in core banking income with net interest income increasing by 12%.
Mr. Sabbagh remarked that Arab Bank Group enjoys high liquidity and strong and robust capitalization. Group’s capital adequacy ratio stood at 15.1% as of 31 March 2018. He added that the asset quality of the Group remains high and that credit provisions held against non-performing loans continue to exceed 100%.
Mr. Masri concluded by expressing his confidence in the Group’s ability to continue on delivering strong results.
Arab Bank was named “Bank of the year in the Middle East” for 2017 by the Banker – Financial Times, London, and “Best Bank in the Middle East” for 2017 by Global Finance, New York.
Arab Bank released the following statement regarding a decision by the U.S. Supreme Court in Jesner et al. v. Arab Bank, plc.
The Court affirmed the May 2016 decision by the Second Circuit Court of Appeals to uphold the District Court’s dismissal of plaintiffs’ claims brought under the Alien Tort Statute (ATS), concluding that foreign corporations may not be defendants in suits brought under the ATS.
“Arab Bank is pleased with the Court’s decision, which ends this litigation and affirms the Bank’s belief that there is no basis to hold corporations liable under international law. The Bank looks forward to focusing its full attention on its business, its commitment to safe and sound banking and its dedication to the service of its customers across the globe.”
Arab Bank recently launched a promotional campaign for VISA cards that includes the exclusive release of a new VISA credit card with a special 2018 FIFA World Cup design.
The campaign which will run until 14/4/2018, provides customers who use their Arab Bank VISA credit for their daily purchases, as well as new customers who apply for any VISA credit card during the campaign, a chance to win one of eight fully paid trips for two to one of the following World Cup events in Russia: the opening ceremony and match, one of the group matches, the semi-final or the final matches. In addition to the chance to win one of 15 smart televisions with free subscription package to watch the tournaments.
Mr. Yacoub Matouk, Head of Consumer Banking at Arab Bank- Jordan, stated: “We are happy to partner with VISA, the official partner of 2018 FIFA World Cup, offering our football fans the opportunity to attend the biggest and most exciting sports tournament in the world.” He added: “We work diligently to provide unique offers and incentives to our customers and introduce exclusive experiences and rewards to Arab Bank credit cardholders.”
Commenting on the campaign, Visa Levant General Manager Nabil Tabbara said: “As the official payment service partner of the 2018 World Cup, VISA is celebrating the spirit of the game and looking forward to introducing innovative digital payment services to football supporters from Jordan and the rest of the world as they flock to Russia. VISA continues to improve our services; revealing our latest technologies and payment equipment, in addition to providing contactless cards and digital payment methods through smart phones and watches in official tournament match venues. We are very proud to partner with Arab Bank in this exciting promotion, which will enable winning Jordanian football enthusiasts to enjoy a once-in-a lifetime experience.”
Arab Bank credit cards provide its holders with a range of benefits, including worldwide acceptance, Arab Bank Rewards Program, Easy Payment Plan and easy access to credit card accounts through both Arabi Mobile and the Bank’s Internet Banking Service, Arabi Online.
Arab Bank Group closed 2017 with solid results, reporting a growth in net operating income of 8% as compared to prior year. Excluding the effect of foreign currency devaluations, net operating income achieved double digit growth of 12%. Net income after tax is at $533 million as compared to $532.7 million in 2016, whilst loans and advances grew by 6% to reach USD 25.1 billion.
In view of the results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2017.
Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong performance of Arab Bank Group confirms the success of the Group in dealing with the challenging and changing operating environment and reflects the Group’s prudent operating policies.
Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the solid results of Arab Bank Group for 2017 were driven by sustainable growth in the underlying business, spread improvements and well controlled expenses. Mr. Sabbagh remarked that Arab Bank Group enjoys strong liquidity and robust capitalization. As of 31 December 2017, the Group’s loan-to-deposit ratio stood at 74%, whilst the capital adequacy ratio calculated in accordance with Basel III regulations is at 15.3%. He added that the asset quality of the Group remains to be high, with NPL ratio at 5.2%, and credit provisions held against non-performing loans at 100%, excluding the value of collaterals.
Mr. Masri concluded by remarking that the encouraging results will continue to support the continuous improvement in the financial performance of the Group and its position in its markets.
Arab Bank was named “Bank of the Year in the Middle East for 2017” by The Banker – Financial Times, London and “Best Bank in the Middle East for 2017” by Global Finance, New York.
The 2017 financial statements are subject to the approval of the Central Bank of Jordan.
Arab Bank recently held a training workshop for its SME customers under the title “Developing Management and Finance skills for Small and Medium Enterprises (SMEs) customers”.
Held at the InterContinental Jordan Hotel, the workshop was the second in a series of sessions conducted by the Bank as part of its constant efforts to build the capacities of its SME customers through providing them with the needed business management expertise and financial knowledge to help develop and grow their businesses.
The workshop which was led by a specialized team of the Bank’s executives , focused on several key topics related to the SMEs sector, including the basics of project management, project financing, accounting records, cash flow management and other related topics.
Arab Bank is considered one of the leading banking institutions in supporting the SME sector locally and regionally. Through its corporate service centers across the Kingdom, the Bank provides a full range of banking solutions to develop and expand the business potential of its SME customers.