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Ammon News - Arab Bank Group continued to achieve strong results at the end of the third quarter of 2024, supported by a significant growth in revenues from core banking businesses in many regions where the Group operates, as net operating income increased by 12% to reach USD 1.5 billion as of September 30, 2024, while net profit after tax reached USD 748.6 million compared to USD 630.3 million as of September 30, 2023, achieving a growth of 19%. The Group also maintained a strong financial position, with equity reaching USD 11.9 billion. The Group’s assets increased to USD 70.5 billion at the end of the third quarter of 2024, a growth rate of 6% compared to the third quarter of the previous year, while the total credit facilities portfolio amounted to USD 38.3 billion at the end of the third quarter of 2024 compared to USD 36.3 billion in the third quarter of the previous year. Customer deposits amounted to USD 51.9 billion at the end of the third quarter of 2024 compared to USD 49 billion in the third quarter of the previous year. Excluding the impact of the change in the exchange rates of several currencies against the US dollar, the facilities portfolio and customer deposits increased by 8% and 7% respectively. Commenting on these results, Mr. Sabih al-Masri, Chairman of the Board of Directors of Arab Bank, stated: “The financial results achieved by the end of the third quarter of 2024 are in line with the Group’s commitment to implementing its business strategy and its prudent approach to managing liquidity, capital and risks, which provides a solid foundation to ensure continued growth in sustainable operating profits in light of the events witnessed by the region.”al-Masri stressed his confidence in the Group’s ability to move forward towards more successes and continue to provide distinguished banking solutions and services.

For her part, Ms. Randa Al-Sadig, CEO of Arab Bank, explained that Arab Bank Group continues to achieve strong operational performance in the third quarter of 2024, recording a 12% increase, benefiting from its geographical spread, which enabled it to diversify sources of income and maintain sustainable growth in profits, in addition to improving operational efficiency despite the challenges facing the operating environment.

Al-Sadig indicated that the group maintains high liquidity levels, with the loan-to-deposit ratio reaching 73.9%. The group continues to maintain good lending rates in addition to enhancing the quality of its credit portfolio in line with the prudent policies adopted by the group, as it maintained a coverage ratio for non-performing loans exceeding 100%. The group also maintains a strong capital base, with the capital adequacy ratio according to Basel III instructions reaching 17.7%, most of which is within the core capital, which is higher than the minimum required according to the instructions of the Central Bank of Jordan.

Al-Sadig confirmed that the group is always committed to continuing to invest in digital transformation as a fundamental pillar of its strategy based on innovation and providing integrated digital financial solutions across all its businesses and tasks with the aim of enriching the customer experience, reducing costs and operational risks, and enhancing its capabilities for sustainable growth.
It is worth noting that Arab Bank recently received the award for "Best Bank in the Middle East 2024" from Global Finance magazine for the ninth consecutive year