Arab Bank Group Reports Record USD 1 Billion Net Profit for 2024, Announces 40% Cash Dividends
Arab Bank Group has achieved a record net profit of USD 1 billion for the financial year ending December 31, 2024, reflecting a 21% year-on-year increase. The strong financial performance led the Board of Directors to recommend a 40% cash dividend distribution to shareholders.
Key Financial Highlights (2024 vs. 2023):
- Net profit: USD 1.007 billion, up 21% from USD 829.6 million.
- Operating profit: USD 2 billion, reflecting 7% growth.
- Total assets: USD 71.2 billion, a 6% increase at constant currency.
- Loans: USD 38.3 billion, marking 6% growth.
- Customer deposits: USD 52.2 billion, rising 5%.
- Equity position: USD 12.1 billion, reinforcing financial strength.
Strategic Expansion & Digital Innovation
Mr. Sabih Masri, Chairman of Arab Bank, highlighted the bank’s successful growth strategy, particularly in the GCC and international markets. He also confirmed that Arab Bank was recently granted a final banking license for its subsidiary, Arab Bank Iraq, which will commence operations in early 2025.
Additionally, Arab Bank Switzerland’s Gonet is set to merge with Swiss ONE Bank, further enhancing its private banking and wealth management services.
Ms. Randa Sadik, CEO of Arab Bank, emphasized the bank’s diversified revenue streams and robust liquidity position, with:
- Loan-to-deposit ratio at 73%.
- Credit provisions exceeding 100% of non-performing loans.
- Capital adequacy ratio of 17.2%, predominantly composed of common equity.
Digital Transformation & Financial Technology Advancements
Arab Bank Group is advancing its digital transformation strategy, incorporating AI-powered banking solutions to enhance operational efficiency. The bank’s fintech arm, ACABES, recently launched OMNIFY, a Banking-as-a-Service (BaaS) platform, enabling businesses to offer digital banking and financial services.
Awards & Industry Recognition
Arab Bank was named:
- "Bank of the Year 2024 in the Middle East" by The Banker Magazine (for the second consecutive year).
- "Best Bank in the Middle East 2024" by Global Finance (for the ninth consecutive year).
- Multiple additional awards from regional and international financial institutions.
With record-breaking profits, strategic expansion, and a strong digital banking push, Arab Bank Group continues to reinforce its leadership in the regional and global banking sector.
