Arab Bank Group announced a record full-year net profit of $1,007.1 million for 2024 on 1 February 2025, a 21% increase on the prior year, as the Amman-headquartered institution reported growth across its balance sheet and NPL coverage of more than 100%. The board also recommended a 40% cash dividend to shareholders.
Operating profit approached $2 billion for the year, rising 7%, with management citing higher net interest income and growth in fee-generating business lines as the primary contributors to the improvement. The capital adequacy ratio stood at 17.2% at year-end.
BALANCE SHEET GROWS AT CONSTANT CURRENCY
Total assets reached $71.2 billion at year-end, representing 6% growth measured on a constant-currency basis. The group operates in more than 25 countries on five continents. Net loans and advances grew 6% to $38.3 billion, consistent with the asset growth rate, while customer deposits rose 5% to $52.2 billion.
The loan-to-deposit ratio was 73%. Non-performing loan coverage exceeded 100% at year-end.
Shareholders' equity rose to $12.1 billion by the close of 2024.
INDUSTRY AWARDS
Arab Bank was named Bank of the Year 2024 in the Middle East by The Banker magazine and Best Bank in the Middle East by Global Finance. The Banker award was the second in a row for Arab Bank.
Arab Bank was founded in Jerusalem in 1930.