Arab Bank Group profits grow 59% to $401 million in H1 2023

Arab Bank Group profits grow 59% to $401 million in H1 2023

AMMAN — Arab Bank Group reported solid results for the first half of 2023. The Group’s strong performance was driven by robust growth in its core banking business across different markets, as net profit after tax increased by 59 per cent, reaching $401 million as compared to $252 million during the same period last year.

The Group maintained its strong capital base with a total equity of $10.6 billion. Loans grew to $36.1 billion and deposits reached $48.3 billion. Excluding the impact of the devaluation of several currencies against the US dollar, loans and deposits grew by 2 per cent and 5 per cent, respectively, according to a statement from Arab Bank Group made available to The Jordan Times.

Sabih Masri, Chairman of the Board of Directors, stated that the solid financial performance during the first six months of this year underscores the resilience of the bank’s diversified business model, which is based on prudent risk management practices and is focused on achievingsustainable growth. Masri emphasised the bank’s commitment towards the executionof its innovation and digital transformation strategy to deliver the best banking experience to clients.