Arab Bank has been named "The Middle East’s Best Bank 2019" by Euromoney – London. The announcement was made at the Euromoney Middle East Awards for Excellence 2019 ceremony. The awards program covers 20 global awards, more than 50 regional awards and best bank awards in close to 100 countries.

Based on a comprehensive assessment, the selection criteria for the award took into account Arab Bank’s strong financial performance across key metrics, its differentiated business model founded on the core strengths of its franchise, its ability to adapt to changing market and regulatory conditions, its commitment to innovation, in addition to its established track record of delivering on its targets to shareholders and commitment to its clients.

Commenting on this award, Mr. Nemeh Sabbagh, Chief Executive Officer of Arab Bank stated: "We are honored to receive this global recognition which comes from one of the world’s leading financial publications.” Sabbagh added: “The award reaffirms Arab Bank’s leading regional position, as we continue to deploy our regional & global network to offer our clients, across all sectors, comprehensive banking solutions supported by seamless digital banking services and channels.”

Arab Bank was also named “Best Bank in the Middle East 2019” by Global Finance magazine – New York (for the fourth consecutive year). In addition to the Middle East’s Best Bank award, Arab Bank was also recognized by Euromoney as “Jordan’s Best Bank 2019” and “Palestine’s Best Bank 2019”.

The Bank’s record of regional awards from reputable international parties also includes: “Bank of the Year in the Middle East 2017” award from The Banker magazine – London (published by the Financial Times) and “Best Bank in the Middle East 2016” from Asiamoney magazine – Hong Kong.

Arab Bank and Haya Cultural Center have recently signed an exclusive joint agreement to launch a new program entitled "The Art of Saving", with an aim of introducing children to the importance of saving, basic ATM functions and banking operations in an innovative manner. The program endeavors to do so by raising children’s awareness and providing them with new technical skills. This will be done through a series of workshops that combine design with mechanics in order to create a mock-up ATM, in addition to producing an educational play specifically for children. The program targets approximately 1,800 students from differing areas within the Kingdom.

Commenting on the importance of this program, Sahab Fraijat, General Manager of Haya Cultural Center, said: “This program focuses on developing both knowledge and skills, allowing children to learn about the different ways they can save money, in addition to familiarizing them with basic financial rules, technical skills and simple circuitry they are to come across in the future, along with interactive theater. We thank Arab Bank for supporting this program and we look forward to working with the bank towards a successful implementation."

Commenting on this initiative, Mr. Tareq Haj Hasan - Senior Vice President, Head of Branding at Arab Bank, stated that Arab Bank's sponsorship of "The Art of Saving" program comes as part of the bank's constant support of initiatives and programs focusing on reinforcing the concept of interactive learning amongst children, particularly those related to the financial literacy. This dovetails with Arab Bank’s social responsibility program “Together”. Haj Hasan also praised the vital role of Haya Cultural Center’s activities and programs in improving children’s talents and enhancing their creative abilities.

Arab Bank is the main and exclusive sponsor of "The Art of Saving " program. The workshops and performances will be presented in cooperation with Arab Bank’s employees, who will volunteer to teach the children the basic rules of saving, methods used to rationalize money exchange, along with introducing them to ATM functions and highlighting its main operations.

It is worth mentioning that Arab Bank has taken an active role in the community by adopting a comprehensive strategic approach working closely with several NGOs to achieve economic, social and environmental sustainable development. “Together”, Arab Bank’s corporate social responsibility program 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.

Arab Bank has recently launched a new service through its “Arabi Mobile” App, allowing online bank account opening, easily and securely by using smartphones and tablets.

The new service is yet another step in the bank’s digital journey enabling customers to take advantage of the latest digital banking solutions revolving around offering customers a seamless banking experience. Through the new service, individuals who are interested in opening accounts with Arab Bank can now download "Arabi Mobile" App through App Store or Google Play and use the option "Open New Account" available through the application to enter the required information. The customer can then activate the account easily and conveniently through a quick visit to the nearest Arab Bank branch at anytime.

Commenting on the new service, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk said: "At Arab Bank, we constantly work to enhance our digital banking services in order to provide our customers with the best value propositions designed to meet their needs and lifestyle in line with the latest technologies in the banking industry.” He added: "With the new service, available on “Arabi Mobile” App, we offer a simple and secure digital platform to individuals enabling them to open accounts with Arab Bank and start enjoying its services, in a manner that saves time and effort.

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, “MobiCash” payment App, finger vein identification, in addition to the bank’s extensive network of advanced ATMs including drive-thru ATM.  This is in addition to the self-service branch in Um Uthaina and self-service plug-ins in Taj Mall, Abdali Mall and Dabouq, offering around the clock service that allows customers to carry out a wide range of transactions easily and securely, including issuing and renewing credit cards and communicating in real-time with a bank representative through the Interactive Teller Machine (ITM).

Arab Bank has recently launched a new mobile payment service “Arabi MobiCash”- the first of its kind in the Kingdom. The new service enables users to make payments through debit and credit cards via their smartphones. 

Users can upload their debit and credit cards onto their smartphones through “Arabi MobiCash” App in order to make payments seamlessly through the cards without presenting them at selected merchants who accept payments through the new service.
The new App offers a host of comprehensive features, including the ability to receive invoices using the QR Code or by entering the invoice number via the smartphone in order to pay it through the App. The application also offers the advantage of conducting payments without the need to be physically present at the merchant’s site, in addition to transferring bills easily and securely to other “Arabi MobiCash” users. The App also provides detailed reports and dashboards covering all transactions besides many other features. 

Commenting on the launch of the service, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk, stated: “Arabi MobiCash application is yet another quality addition to our digital banking services as part of Arab Bank's ongoing efforts to deploy the latest banking solutions and provide its customers with an advanced banking experience.” Matouk added: “This service allows users to conduct payments easily and conveniently through their debit and credit cards via their smartphones at selected merchants who accept payments through “Arabi MobiCash” App.”

It is worth mentioning that the “Arabi MobiCash” App is available through Apple Store and Google Play, providing users with the convenience to set up their account and password through the application directly, instead of contacting the bank.

In line with the bank’s efforts to provide its customers with value-added banking services and promotions, Arab Bank has recently launched a special auto loan campaign coinciding with the holy month of Ramadan. The promotion introduces special benefits to customers who wish to purchase their cars with auto loans from Arab Bank during the holy month. 

The campaign, which runs from May 1st, 2019 until June 2nd, 2019, offers customers taking  auto loans from Arab Bank worth JOD 10,000 or more competitive interest rates with no loan processing fee, in addition to a cash prize of up to JOD 1,000.

Commenting on this promotion, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk, said: “This campaign coincides with the holy month of Ramadan, capitalizing on the special sales offers running usually during this season at different auto dealerships.” He added: “Arab Bank is keen on providing added value and benefits to its customers who wish to benefit from such promotions to purchase their cars by providing competitive financing schemes in addition to cash gifts."

It is worth mentioning that Arab Bank’s auto loans offer a wide range of benefits, including competitive interest rates, loan amounts up to JOD 100,000 with a tenor up to 7 years, options to finance more than one car, including new and used cars according to the bank’s special terms and conditions, in addition to a dedicated sales team. Arab Bank also offers the ability to apply for a loan online easily through the bank’s digital banking services which include Arab Bank’s website, the bank’s mobile application “Arabi Mobile” and its internet banking service “Arabi Online”.

Arab Bank has recently renewed its support to the annual initiative launched by Amman Chamber of Commerce in cooperation with the Municipality of Greater Amman, to light up and decorate the streets and the touristic districts of downtown Amman in celebration of the holy month of Ramadan. 

Arab Bank's participation in this initiative throughout the years, comes as part of the bank’s constant commitment towards supporting tourism in Jordan, given that downtown Amman is considered one of the main commercial and touristic centers of the capital considering its rich heritage and cultural value. Arab Bank’s building located on King Faisal Street, downtown is known to be one of the city’s most significant and authentic landmarks.

The initiative, which will last until Eid Al-Fitr, aims to demonstrate the aesthetic appeal of Amman’s downtown especially when it’s lit up with Ramadan themed stars and crescents, infusing an authentic atmosphere that attracts people to visit and enjoy the spirit of the holy month and Eid Al Fitr.

Arab Bank was the platinum sponsor of the National Internal Audit Awareness Day activities, organized by the Institute of Internal Auditors – Jordan. The event was attended by over 150 participants including finance managers, auditors and specialists as well as members of the Institute of Internal Auditors from Jordan and the region. 

The National Internal Audit Awareness Day covered numerous topics and panel discussions related to the role and impact of internal audit on different fields, such as governance, country economics and technology, in addition to internal audit’s role in anti-corruption and fraud, along  many other relevant topics.

Arab Bank’s sponsorship of this event comes as part of its constant commitment towards supporting banking and financial conventions and initiatives focusing on the development of the finance and banking industry. 

Arab Bank has recently launched a special promotional campaign for its credit cardholders on the occasion of the holy month of Ramadan. This comes as part of the bank’s continuous efforts to provide valuable promotions to its customers that meet their needs and fit their lifestyle, particularly during the holy month. 

The campaign, which runs until June 8th , 2019, offers Arab Bank Visa credit cardholders 10% cash back of the value of their purchases (up to JOD 100) when using their Visa credit cards to shop for Ramadan at Miles, Cozmo and Safeway as well as any sweet shop across the Kingdom. This is in addition to earning reward points through “Arabi Points” program on each transaction using Arab Bank’s credit cards.

Commenting on this campaign, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk stated: “This campaign coincides with the holy month of Ramadan offering Arab Bank credit cardholders added benefits including cash back and reward points while shopping at selected merchants.” Matouk added: “At Arab Bank, we constantly provide our customers with comprehensive banking services and promotions that meet their needs and expectations and fit their lifestyle throughout various seasons of the year.”

It is worth mentioning that Arab Bank credit cards provide a wide range of benefits to its holders, including worldwide acceptance, Arab Bank rewards program “Arabi Points” which enables customers to earn points on many banking transactions and redeem them with cash or free vouchers from a variety of merchants. Additionally, Arab Bank credit cards provide easy payment plan for convenient installments and easy secure access to credit card accounts anytime through both “Arabi Mobile” and the bank’s internet banking service, “Arabi Online”. 

Arab Bank Group announced its results for the first quarter of 2019 reporting 5.2% growth in net profit after tax of $231.8 million as compared to $220.3 million in 2018, with net income before tax increasing by 9.1% to reach $312.8 million. Group equity stood at $ 8.5 billion, while loans increased to reach $25.8 billion and deposits increased to $33.7 billion.

Mr. Sabih Masri, Chairman of the Board of Directors stated that the performance of Arab Bank Group confirms the success of the Group in generating strong results despite the backdrop of the 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 healthy 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 7% as well as by lower provisions.

Mr. Sabbagh remarked that Arab Bank Group enjoys high liquidity and strong and robust capitalization. Group’s capital adequacy ratio stood at 15.5% as of 31 March 2019. 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 expressed his confidence in the Group’s ability on delivering strong and sustainable results.

Arab Bank was named “Best Bank in the Middle East” for the 4^th consecutive year by Global Finance, New York.

With the advent of the holy month of Ramadan, Arab Bank offers its customers with Arab Bank Housing and/or Personal loans the opportunity to postpone April’s/ May’s monthly installment without fees. This can be done simply and easily through any of the bank’s branches across the Kingdom.

Commenting on this offer, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk, stated: “At Arab Bank, we continuously seek to provide our valued customers with comprehensive services and privileges in line with their needs and expectations throughout the year.” He added: “Through this offer, the bank aims to help in alleviating the financial burdens for its customers, especially during the holy month of Ramadan and Eid Al Fitr.”

It is worth mentioning that Arab Bank offers individuals a comprehensive range of financing solutions with competitive benefits including loan amounts tailored to customers' needs, flexible loan tenors and competitive interest rates within flexible and convenient process supported by a dedicated sales team.

Arab Bank has recently opened Dabouq Branch in its new location on Saleh Al Neamat Street. The new branch is equipped with a self service area in addition to a dedicated area for “Elite” customers. The opening comes as part of the bank’s strategy to reinforce its branch network and self service branches, and to provide its customers with advanced banking solutions based on the highest standards.

Commenting on the branch opening, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk stated: “Shifting Dabouq branch to the new location comes as part of the bank’s constant commitment to provide its valued customers with convenient and modern banking services and solutions designed to meet their needs and lifestyle.” He added: “The new branch offers a self service area equipped with the latest banking systems and technologies enabling us to offer our customers’ comprehensive services around the clock”.

In addition to the host of unique banking services provided to “Elite” customers, the branch offers a wide range of services to “Arabi Premium” program customers through a dedicated relationship manager. The branch also provides its customers with its usual banking services such as opening all types of accounts, auto loans, housing loans and credit card services in addition to direct banking services (Arabi Online, Arabi Mobile and others) around the clock, enabling customers to carry out transactions, pay bills, issue account statements and other services, easily and securely. The digital biometric service “Finger Vein Recognition” is also available at the branch to facilitate transactions and minimize time taken by eliminating paper work transactions. Additionally, the branch provides a range of banking services through its self service area, including: instant issuance and renewal of Debit and Credit Cards, instant issuance of account statements, instant Arab Bank Cheques cashing and depositing in JOD, cash withdrawals with higher limits and many other services.

In collaboration with the Charity Clothing Bank; one of Jordan Hashemite Charity Organizations (JHCO), Arab Bank has recently sponsored the World Orphans Day initiatives that took place in Aqaba, with the participation of the bank’s employees, where more than 90 orphans were hosted to participate in various activities related to Orphans' clothing program.

This sponsorship comes as part of the annual collaboration agreement between Arab Bank and the Charity Clothing Bank, which aims at providing clothing for 1200 orphans throughout the whole year. The program included many interactive activities for children with the participation of the bank’s volunteering team, such as entertainment film screening, healthy meals distribution in addition to shopping with children for clothes, shoes and toys.

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 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 areas related to health, poverty alleviation, environmental protection, education, and orphan support.

Arab Bank has recently been named the “Best Bank in the Middle East 2019” by Global Finance, a New York-based international publication, for the fourth consecutive year.

Arab Bank was selected for this award based on an evaluation process for banks operating in the region. The evaluation was conducted by a panel of the magazine’s editors with input from international financial analysts, credit professionals, consultants, experts, financial executives and bankers across the globe. Such awards cover nearly 150 countries worldwide, including Africa, Asia and the Pacific, Europe, Latin America, the Middle East and North Africa. Criteria for choosing the winners included a set of digital performance standards, in addition to banking industry-related criteria, such bank growth in assets, profitability, geographic reach, strength of strategic relationships, new business development and innovation in products.

Commenting on this award, Mr. Nemeh Sabbagh, Chief Executive Officer at Arab Bank stated: “This international recognition is a true manifestation of the bank’s leading position in the region. It’s not based only on our solid financial results but it also takes into account our leading role in delivering comprehensive and innovative banking solutions to our valued clients across various segments, both locally and regionally.” Sabbagh added: “Receiving this recognition for the fourth consecutive year, reaffirms the bank’s ability to continue the successful implementation of its comprehensive strategy based on its solid institutionalized approach and its forward looking vision, despite the various challenges in the region.”

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 five continents. The bank provides a wide range of financial products and services for individuals, corporations and other financial institutions. Arab Bank’s extensive network covers key financial markets and centers such as London, Dubai, Singapore, Geneva, Paris, Frankfurt, Sydney and Bahrain.

Arab Bank exclusively sponsored the “DealMakers 2019” event, which recently took place at W Hotel, Amman and organized by “Endeavor-Jordan”. The event represented an interactive hub connecting entrepreneurs and investors through a number of networking events and workshops to support and stimulate investment in emerging and fast-growing companies in the Arab world and Jordan in particular. The forum was attended by over 75 investors representing 45 venture capital and private equity funds, and 25 angel investors and 90 entrepreneurs from 74 startups.

The “DealMakers 2019” activities included several workshops for entrepreneurs and investors, as well as interactive and analytical sessions on the investment environment in the Middle East, and Jordan's position among other countries in the region in addition to the role of investors in accelerating the growth of companies and opening new markets.

Commenting on Arab Bank’s sponsorship of this event, Miss Randa Sadik, Deputy Chief Executive Officer at Arab Bank, said: “This initiative organized by Endeavor represents an ideal platform to connect entrepreneurs from Jordan and the region with main investors towards optimizing the growth and scalability potential of startup companies both regionally and internationally.” Sadik added: “Holding such an event in Jordan reflects the prominent position the Kingdom enjoys with regard to entrepreneurship in the region and comes as part of the bank’s constant commitment towards supporting entrepreneurs through stimulating the entrepreneurial ecosystem which plays an instrumental role in achieving sustainable economic and social development.”

Miss Reem Goussous, Endeavor-Jordan's Managing Director, praised Arab Bank’s exclusive sponsorship of “DealMakers 19” by stating: “Arab Bank’s sponsorship is not only limited to annually sponsoring DealMakers, the bank is also a firm believer in Endeavor Jordan's mission to support entrepreneurs and startups by accelerating the high-impact of entrepreneurial companies that have a positive and tangible impact on society and sustainability.” Miss Goussous continued: “In return, we value this cooperation, especially the bank’s sponsorship of the DealMakers event, which paved the road for all entrepreneurs in Jordan to meet high profile investors and present their promising companies.”

Arab Bank’s exclusive sponsorship of such events comes as part of its constant efforts towards supporting the entrepreneurial ecosystem, focusing on entrepreneurs, creative thinkers and startups, offering them the opportunity to grow regionally and globally. This is especially important given that the entrepreneurial sector plays a vital role in catalyzing positive, sustainable economic and social growth.

Arab Bank recently sponsored the third edition of “The Palestinian Banking Sector in its Arab Environment” conference entitled “Fintech Innovations and the Future of Banking Services” which took place at the Kempinski Hotel, Dead Sea. The conference was organized by the Union of Arab Banks in cooperation with the Palestine Monetary Authority, the Central Bank of Jordan, the Association of Banks in Jordan and the Association of Banks in Palestine, under the patronage of H.E. Governor of Central Bank of Jordan and H.E. Governor of Palestine Monetary Authority, who delivered welcome speeches at the opening ceremony of the conference.

The two-day conference was attended by a large number of bankers, economists, business representatives and experts from Jordan and Palestine who have discussed a range of topics related to financial technology concerning central and commercial banks, including the role of central banks in supporting digital transformation and facing new organizational and regulatory challenges, digital technology and the development of financial services, the impact of technology startup companies on the future of FinTech and the traditional financial institutions, financial technology as a new mechanism to promote financial inclusion and support small and medium enterprises (SMEs), in addition to many other relevant topics.

Arab Bank's sponsorship of this conference comes as part of its constant commitment towards supporting specialized banking conventions and initiatives including those related to fintech and the future of banking services.

Arab Bank recently announced the winner of the Shabab program’s quarterly 2018 grand prize draw. The winner Mr. Assem Othman Ibrahim Abu Namous from Al Zarqa branch won a brand-new 2018 Mazda 3. This marks the 4th prize awarded consecutively, as part of the Shabab program quarterly draws.

Commenting on this occasion, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk stated: “Arab Bank will continuously carry out promotional campaigns as part of “Shabab” program throughout the year, aimed at encouraging our valued “Shabab” program customers to benefit from the program’s privileges and features.” He added: “Shabab program was specially designed to meet the evolving banking needs of youth, including savings, cards, digital banking and much more, in line with their current and future needs and lifestyle, whether they are university students or employees.”

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, which include exemption from several banking service commissions, Visa Credit Card issued with an exclusive design and no monthly fees, free internet shopping card, personal loan up to JD 10,000 with no fees, special discounts and exclusive offers at selected merchants, along with monthly and quarterly prizes, and many other offers and benefits.

In collaboration with the Charity Clothing Bank; one of Jordan Hashemite Charity Organizations (JHCO), Arab Bank has recently sponsored the World Orphans Day initiatives that took place at the Charity Clothing Bank’s hall – Al Karak, with the participation of the bank’s employees, where more than 66 orphans were hosted to participate in various activities related to Orphans' clothing program.

This is the first initiative held in the governorates this year as part of the annual collaboration agreement between Arab Bank and the Charity Clothing Bank, which aims at providing clothing for 1200 orphans throughout the whole year. The program included many interactive activities for children with the participation of Arab Bank volunteers, including: entertainment film screening, healthy meals distribution in addition to shopping with children for clothes, shoes and toys.

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 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.

Arab Bank was the Platinum Sponsor of “Jordan Digital Transformation for Banking and Government Sectors” forum, held recently at the Sheraton Hotel, Amman under the patronage of H.E. Governor of Central Bank of Jordan and organized by the Information and Communications Technology Association “Intaj”. The forum aimed at exploring the complexities of the digital transformation journey, taking an in-depth look into strategy and business model changes, cultural and organizational challenges, the technology underpinning the transformation and ways to monetize the new reality in government and banking sectors.

The forum was attended by over 400 participants from leading Jordanian banks and a number of government sectors and hosted a series of panel discussions with the participation of nearly 45 local and international speakers. Through the various panel discussions, numerous topics were covered including digital transformation in Jordan, Fintech in changing the financial service industry, driving digital transformation with technology vendors, top 6 digital transformation trends in government sector, artificial intelligence, business intelligence and machine learning in digital transformation, achieving digital transformation with cloud and security, blockchain for digital transactions and mobile payments, regulations and policies related to digital transformation, in addition to many other relevant topics.

Arab Bank's sponsorship of this forum is part of its constant commitment towards supporting specialized conventions and initiatives including those related to the technological and digital aspects, in view of the growing significance of digital transformation in the banking industry.

Arab Bank recently sponsored the “Combating Financial Crimes - Compliance with Evolving Global AML/CFT Standards” 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, the Association of Banks in Jordan and the Anti Money Laundering and Counter Terrorist Financing Unit.

The two-day forum covered various working papers and included panel discussions led by senior bankers and professionals and AML/CFT experts from financial institutions in Jordan and the Arab region. The forum shed light on numerous themes and topics related to combating financial crimes that are of interest to both central and commercial banks including the global fight against financial crimes, the impact of advanced technology on compliance, global anti-money laundering and combating the financing of terrorism and proliferation (AML/CFT) standards, laws and legislations for the protection of information systems and reducing financial crimes, AML/CFT risks associated with crypto-assets, virtual currencies and blockchains in addition to many other relevant topics.

Arab Bank's strategic sponsorship of this forum is part of its constant commitment towards economic conventions and initiatives contributing to the development of the banking industry and supporting sustainable economic growth.

Arab Bank Group closed 2018 with solid results reporting net income after tax of $820.5 million as compared to $533 million in 2017 with net income before tax reaching $ 1.1 billion. The Group’s equity grew to reach $8.7 billion while the return on equity increased to reach 9.5%. In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 45% cash dividends for the financial year 2018.

The Group’s net operating income grew by 8% driven by growth in net interest and commission income. Credit facilities increased by 3% to reach 25.8 billon while customer deposits increased to reach $34.3 billion.

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 2018 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. The Group’s loan-to-deposit ratio stood at 75% while capital adequacy ratio calculated in accordance with Basel III regulations improved to reach 15.6%. He added that the asset quality of the Group remains high, with credit provisions held against non-performing loans standing above 100%, excluding the value of collaterals.

As the legal cases filed in the US in 2004 have been put into finality, the Bank reversed $325 million of excess legal provisions into income. Also, and in line with the Bank’s conservative policies, the Bank booked $225 million impairment against the value of its investment in Turkey, the amount of which is mainly the result of currency depreciation.

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.

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 for the third year consecutively. The Bank also received 14 international awards from Global Finance for its corporate digital banking services in the region.

The 2018 financial statements are subject to the approval of the Central Bank of Jordan.

Arab Bank has launched the upgraded version of its corporate online platform “ArabiConnect”. Specifically engineered around corporate needs, “ArabiConnect” platform is a leading corporate digital solution offered by Arab Bank.

The end-to-end solution enables Arab Bank’s clients to conduct and execute cash management and trade finance transactions seamlessly, from a single point of access, anytime, anywhere. ArabiConnect’s comprehensive functionalities effectively cater to the evolving dynamics of the business environment in the region, furthering Arab Bank’s lead in transaction banking. Key functionalities of ArabiConnect include: comprehensive account management across corporate group entities, locally and across borders, effective handling of trade finance transactions, such as the issuance of letters of credit and letters of guarantees smoothly and efficiently, along with the instant settlement of corporate bills through local payment gateways, such as eFAWATEERcom in Jordan and others in the region. Additionally, the platform offers specialized liquidity management and cash flow forecasting modules for optimization of cash flow and liquidity.

Commenting on the launch of the platform, Ms. Nadya Talhouni, Senior Vice President, Head of Transaction Banking at Arab Bank stated: “Arab Bank is one of the leading banks in providing digital banking solutions to corporations across the region.” Talhouni added: “Today and following the launch of ArabiConnect, we offer our clients a state-of-the-art digital banking platform that enables them to manage and perform their banking transactions conveniently in a manner that helps them meet their business requirements and supports their growth."

“ArabiConnect” platform is part of Arab Bank’s fully integrated portfolio of smart digital banking solutions designed for the corporate sector and aligned with the latest advancements in the banking industry. The platform includes: “ArabiConnect – Mobile” application, enabling customers to carry out banking transactions around the clock from wherever they are.

It is worth mentioning that Arab Bank received 14 global awards in recognition of its consumer and corporate digital banking services across the Middle East in 2018. The awards included: Digital Bank of Distinction (Best Local Corporate/Institutional Digital Bank) in Jordan, Qatar, Bahrain and Lebanon as well as Best bank for Online Trade Finance Services and Best Online Cash Management Bank in Jordan.

Arab Bank has recently renewed its collaboration agreement with the Charity Clothing Bank, which is part of the Jordan Hashemite Charity Organization (JHCO), for the fifth consecutive year. The agreement aims at providing clothing for 1200 orphans throughout a whole year.

This collaboration reflects the bank's commitment towards achieving social cohesion through engaging in initiatives that support the underprivileged in the community. The bank will provide new clothes, shoes and toys for 1200 orphans across the Kingdom, with the participation of the bank’s volunteering team. In addition to the bank’s financial support, the volunteering team will assist the orphans in choosing their basic needs of clothing items, shoes and toys available at the Charity Clothing Bank’s distribution center in Amman and several other mobile centers across governorates.

Commenting on this agreement, Mr. Tareq Haj Hasan, Senior Vice President, Head of Branding at Arab Bank, said: “Arab Bank’s collaboration with the Charity Clothing Bank comes in line with the bank’s sustainability strategy and as part of its corporate social responsibility program ‘Together’. The program supports many initiatives that aim at achieving sustainable social and community development by supporting the underprivileged in the Kingdom.” He further added: “We are proud to renew our collaboration with the Clothing Bank for the fifth consecutive year and we appreciate the humanitarian role the Clothing Bank plays in supporting the community and the underprivileged families.”

Mr. Ayman Al Mufleh, Secretary General, Jordan Hashemite Charity Organization stressed the importance of renewing the agreement, stating: “Our collaboration with Arab Bank supports the implementation our strategic plans and complements our humanitarian work through supporting Orphan’s Day program and bringing joy to children.” He added that this cooperation reinforces the value of the social responsibility and its economic and social impact on underprivileged communities.

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 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.

As part of Arab Bank's corporate social responsibility program “Together”, the bank recently signed a memorandum of understanding with the Royal Society for the Conservation of Nature to support the development and implementation of several community and environmental initiatives aimed at developing Fefa Village in Southern Ghour. The Royal Society for the Conservation of Nature will implement biodiversity projects through home gardens, greywater treatment and solid waste sorting for several houses.

The project aims at increasing environmental awareness in the village and enhancing sustainable development through deploying environmental initiatives as a mean to increase economic opportunities and improve the residents’ living standards.

Commenting on this initiative, Mr. Tareq Haj Hasan - Senior Vice President, Head of Branding at Arab Bank stated: “Our collaboration with the Royal Society for the Conservation of Nature is an embodiment of Arab Bank’s commitment towards achieving sustainable community development by supporting initiatives that deliver positive economic, social and environmental impact.” He added: “Our contribution to Fefa Village development initiative in Ghour Fefa area, represents a step towards leveraging local community empowerment efforts and provides opportunities that offer economic solutions that will positively impact the living standards for residents of this area.”

Mr. Yehya Khaled - Director General at RSCN confirmed: “The collaboration between RSCN and Arab Bank covers supporting and developing a number of environmental initiatives that contribute to uplifting the local economy and supporting local communities. We value the continuous collaboration with Arab Bank through its corporate social responsibility program, as Arab Bank is considered one of the first institutions to apply and optimize the concept of sustainability through encouraging its employees to volunteer in numerous initiatives.” Khaled continued, “We seek to continue this collaboration, as this is merely a first step towards changing the current reality of Fefa Village and transforming it to become an environmentally sustainable village in the future, where the model can then be applied to villages located near nature reserves.”

It is worth mentioning that Arab Bank has taken an active role in the community by adopting a comprehensive strategic approach working closely with several NGOs to achieve economic, social and environmental sustainable development. ‘Together’, Arab Bank’s corporate social responsibility program 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.

In recognition of the significant role played by its volunteers as part of the bank’s corporate social responsibility program “Together”, the bank has recently honored its employees who have participated in a range of volunteering activities and initiatives, throughout the past year.

The honoring ceremony took place at the bank’s head office building and was attended by Arab Bank’s Chief Executive Officer, Mr. Nemeh Sabbagh and Deputy Chief Executive Officer, Miss Randa Sadik in addition to several department heads and employees. This annual ceremony comes in recognition of Arab Bank’s employees who have volunteered their time and efforts during the year in various activities and initiatives aimed at serving the local community in many areas, including health, poverty alleviation, education, orphan support and environmental protection.

In his opening speech at the ceremony, Mr. Sabbagh expressed his pride and appreciation of the outstanding efforts exerted by the bank’s volunteers throughout the past year, stating: “Community support and volunteering are integral part of the bank’s culture. Our employees are always encouraged to participate in volunteering activities and initiatives stemming from the bank’s sustainability strategy which aims at optimizing the bank’s economic, social, and environmental impact and contributing to building a well-integrated volunteering framework in the community.”

Mr. Sabbagh added: “The constant increase in the number and hours of volunteering activities, reflects our employees’ deep understanding of the value of volunteering and their passion towards making a meaningful positive change in their community. It also embodies their true loyalty to their organization and society.”

Commenting on the participation of the bank’s employees in the program during 2018, Mr. Tareq Haj Hasan, Senior Vice President, Head of Branding at Arab Bank said: “The number of community initiatives carried out by the bank’s volunteers over the past year reached 61 initiatives, implemented by 359 employees from various departments, whilst the number of volunteers’ participations reached 1001.” He further added: “The total number of beneficiaries from the community initiatives and activities supported by the bank during the past year, as part of its sustainability efforts, has reached nearly 236,000 beneficiaries across the Kingdom.”

At the end of the ceremony, the employees expressed their deep gratitude and appreciation of the recognition they received from the bank which represents an opportunity for them to reaffirm their continued commitment towards supporting their community and contributing towards achieving sustainable development.

It is important to note that the program “Together” is not limited only to employee volunteering, but it also offers the bank’s customers the opportunity to support non-profit organizations that are participating in the program by making donations through the bank’s different channels; including: the internet banking service “Arabi Online” and telephone banking service “Hala Arabi”, in addition to the contributions that could be made at the bank’s branches and ATMs across the Kingdom. Moreover, “Together” Platinum card issued by Arab Bank provides its holders with the opportunity to support non-profit organizations every time the card is used.

Arab Bank adopts a comprehensive sustainability strategy and framework which drive the bank’s constant efforts to support sustainable social, economic and environmental development, working diligently with various stakeholders. One of the main pillars of this strategy is Arab Bank’s corporate social responsibility program “Together”, a multi-dimensional program which aims to develop various aspects of the community through different activities and initiatives contributing to the fields of health, poverty alleviation, environmental protection, education and orphan support.