Arab Bank Group Financial Overview
Key Financial Highlights 2023: Performance was driven by underlying loans growth and
higher core banking income
$mm
2022
2023
YOY%
35,440
37,080
4.6%
Deposits
47,749
50,624
6.0%
Operating Income
2,526
3,150
24.7%
Net Interest Income
1,585
2,037
28.5%
Non-Interest Income
557
603
8.3%
Affiliates Income
384
510
32.6%
Operating Expense
1,176
1,331
13.2%
Net Operating Income
1,350
1,819
34.7%
ECL Provision and Impairment
499
602
20.7%
Net Income Before Tax
851
1,217
43.0%
Income Tax
307
388
26.2%
Net Income After Tax
544
830
52.4%
•
For the third consecutive year, AB Group delivered double digit growth in
profitability through its diligent strategy execution. In 2023, AB Group's net income
after tax reached $829.6mm a 52% growth from the $544.3mm achieved in 2022.
The Group's performance was driven by sustainable growth in its underlying
business across various sectors and markets, with a clear focus on enhancing
non-interest income contribution and revenue diversification. Net operating income
improved by 35% to reach $1.82bn. This was achieved while the Bank continued
to invest in transformation and maintaining a resilient balance sheet, which will
position it for further growth in the future.
The Bank's record net operating income is also a clear testament to its strong
growth momentum across several markets, especially in the GCC region and
international markets.
Total Assets grew by 6% to reach $68.3bn; loans grew by 5% to reach $37.1 bn,
and deposits grew by 6% to reach $50.6bn. This achievement highlights the
Bank's ability to withstand adverse challenges in the operating environment while
continuing to deliver on its growth strategy.
Arab Bank Group maintained a strong capital base that is predominantly
composed of common equity with a capital adequacy ratio of 17.5%. In 2023,
Arab Bank successfully issued $250mm in sustainable Additional Tier 1 Capital
Securities, which marks the first and largest sustainable perpetual AT1 issuance in
Jordan.
Loans
البنك العربي
ARAB BANK
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