The Union of Arab Banks has named Ms. Randa Sadik, Arab Bank’s Chief Executive Officer, the Arab Banker of the Year 2024.

The honoring took place during the opening of the International Arab Banking Summit, which was organized by the Union of Arab Banks in Istanbul on May 23rd and 24th.

Ms. Randa Sadik was honored in recognition of her substantial contributions to the development of the Arab banking sector, fostering banking relations among Arab and global markets. As CEO of Arab Bank, one of the most prestigious banks in the region that has one of the largest global Arab banking networks, Ms. Sadik has played a pivotal role in driving economic and social development within the region.

Ms. Sadik assumed the position of Chief Executive Officer at Arab Bank in 2022, after serving as Deputy CEO since 2010. Her banking career spans 38 years, commencing in 1986 at National Bank of Kuwait. During her 24-year tenure there, she held various leadership roles, the last of which was the General Manager of the International Banking Group in London and Kuwait. 

It is worth noting that Ms. Sadik was ranked sixth on Forbes Middle East’s list of the 100 most powerful businesswomen in the Middle East for 2024.   

Ms. Sadik holds an MBA degree from the American University of Beirut.

Arab Bank has recently received the “Best Bank in the Middle East 2024” award by New York-based international publication “Global Finance”, for the ninth consecutive year.

This global recognition was made by the editors of Global Finance after extensive consultations with corporate financial executives, banking consultants, and analysts throughout the world.

Global Finance considered several factors when selecting top banks, including asset growth, profitability, geographical coverage, strategic alliances, product innovation, and market expansion endeavors. The evaluation criteria also included the opinions of equity analysts, credit rating analysts, banking consultants, and industry participants.

Global Finance Awards cover more than 150 countries, territories and districts across Africa, Asia-Pacific, the Caribbean, Central America, Central and Eastern Europe, Latin America, the Middle East, North America, and Western Europe. 

Commenting on this recognition, Ms. Randa Sadik, Arab Bank’s Chief Executive Officer, said: "This global recognition for the ninth consecutive year is a testament to Arab Bank’s leading position across the MENA region banking landscape, reinforced by the bank's robust business model and its ability to achieve solid results despite regional and global challenges." Ms. Sadek added: “Through our established institutional approach and ambitious strategy, we are committed to providing integrated banking services across various sectors, delivering a comprehensive banking experience for customers supported by the latest digital banking solutions, both locally and regionally. "

It is worth mentioning that The Banker Magazine, owned by the Financial Times and based in London, has also named Arab Bank as Bank of the Year in the Middle East for 2023. 

Arab Bank, headquartered in Amman - Jordan, was established in 1930 and has one of the largest global Arab banking networks with over 600 branches. Arab Bank’s extensive network covers key financial markets and centers such as London, Singapore, Shanghai, Geneva, Paris, Sydney, Dubai, and Bahrain.

Arab Bank Group reported solid results for the first quarter of 2024, with 17% increase in net income after tax reaching $252.8 million as compared to $216.3 million for the same period last year. The Group maintained its strong capital base with a total equity of $11.3 billion.

At constant currency the Group’s loans grew by 7% to reach $37.1 billion, and deposits grew by 6% to reach $49.8 billion.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that Arab Bank’s first quarter 2024 performance was strong despite the challenging environment for banks globally and regionally. He also added that the results reflect the bank’s resilience and ability to deliver sustainable growth from multiple markets mainly from the GCC region. Mr. Masri expressed his confidence in the bank’s ability to continue to grow based on its sound strategy, while maintaining the strength of its balance sheet.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank delivered robust results during the first quarter 2024, where the bank’s net operating profit grew by 10% driven by increase in core banking income across various sectors and markets, with a clear focus on enhancing non-interest income contribution and revenue diversification.

Ms. Sadik added that the Group’s liquidity and asset quality remain solid where loan-to-deposit ratio stood at 74.5% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.8%.

Ms. Sadik emphasized on the bank’s commitment towards innovation and digital transformation, highlighting the bank’s ongoing investment in technology and its strategic focus on customer-centric innovations offering seamless banking experiences to customers across various sectors. 

Global Finance, a New York-based international publication, has recently named Arab Bank the "Best Bank for Sustaining Communities in the Middle East 2024” as part of the fourth annual Sustainable Finance Awards for 2024. Arab Bank was chosen by a world-class panel of judges, which included experts in consulting and outsourcing, in addition to the magazine’s team of editors, recognizing the bank’s outstanding sustainability achievements as part of its comprehensive strategy on this front. 

Arab Bank's recognition underscores its robust track record in adhering to environmental, social, and governance ("ESG") standards, alongside its innovative strides in sustainability. These initiatives showcase the bank's influential role in supporting sustainable projects, and highlight its integration of sustainability principles into its operations. This aligns seamlessly with the bank's overarching vision of realizing sustainable development.

Arab Bank was selected for this award based on a specific set of criteria, which included the bank's commitment to sustaining communities as well as its constant efforts in sustainability financing, its excellence in bond issues, community support, resource management, transparency and reporting, infrastructure, and emerging-markets sustainability funding. This is in addition to its ESG governance policies, objectives, and achievements in financing environmental and social initiatives during the past year.

Furthermore, Arab Bank was named the “Best Bank for Sustainable Finance in Jordan 2024” by Global Finance magazine. The bank also received the "Best ESG Integration in Jordan 2022" award by the Arab Federation of Capital Markets in cooperation with The Global Economics magazine.

It is worth mentioning that Arab Bank was the first bank in Jordan to establish a Sustainable Finance Framework, which aims to support the bank’s sustainability commitments and environmental, social and governance (“ESG”) priorities. The bank also successfully issued USD 250 million Additional Tier 1 (AT1) Capital Securities last year. The issuance marks the first and largest sustainable perpetual AT1 issue in Jordan and was listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange. The proceeds of the issuance will be used to finance a portfolio of qualified sustainable projects, in line with Arab Bank’s strategy to integrate environmental, social and governance (“ESG”) principles across the organization.

Arab Bank Group achieved solid results for the year ending December 31, 2023, reporting a growth of 52% in net income after tax of $829.6 million as compared to $544.3 million in 2022.

The Group’s performance was driven by sustainable growth in the underlying business across different markets, as net profit before provisions and tax improved by 34% to reach $1.81 billion. Total Assets grew by 6% to reach $68.3 billion, loans grew by 5% to reach $37.1 billion, and deposits grew by 6% to reach $50.6 billion. While total Group equity stood at $11.4 billion.

In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2023.

Mr. Sabih Masri, Chairman of Arab Bank, commented that the bank's strong underlying performance reflects the successful execution of its strategy which focuses on delivering sustainable growth and building a resilient business model capable of generating positive results, while dealing with the regional and international challenges. He also noted that the bank’s record net operating profit is a clear testament to its strong growth momentum across several markets, specially in the GCC region and international markets.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank delivered robust results during 2023, where the Bank’s net operating profit grew by 34% driven by increase in core banking income across various sectors and markets, with a clear focus on enhancing non-interest income contribution and revenue diversification. This was achieved while the Bank continued to invest in transformation and maintaining a resilient balance sheet, which will position us for further growth in the future.

Ms. Sadik added that the Group’s liquidity and asset quality remains solid where loan-to-deposit ratio stood at 73.2% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.5%.

Ms. Sadik also highlighted that as part of Arab Bank’s commitment towards Sustainability and its Environmental, Social and Governance (“ESG”) priorities, the bank successfully issued $250 million in sustainable Additional Tier 1 (AT1) Capital Securities. The issuance marks the first and largest sustainable perpetual AT1 issue in Jordan and was listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange.

With regard to the bank's ongoing commitment towards digital transformation and providing value for its customers, Ms. Sadik noted the establishment of "Acabes International Pvt Ltd", Arab Bank’s technology arm, as a global capability center, supporting the bank’s businesses worldwide. Arab Bank, in collaboration with "Acabes", has recently launched an updated version of “Reflect” offering more features and services to its users. This is in addition to launching "Arabi Shopix", a first of its kind service in the Kingdom which offers Arab Bank customers, including merchants, the ability to build and design an e-commerce website as part of the host of integrated digital banking solutions designed to meet the needs of SMEs through the “Arabi SMEs” program.

As part of the bank's expansion strategy, and in line with the bank's continuous efforts to expand its footprint in promising markets, Mr. Masri commented that the Bank is in the process of starting its operations in the Iraqi market during the year 2024, providing comprehensive banking solutions and services to its current and future customers. And in line with the group’s focus on expanding its wealth management & private banking business, Mr. Masri noted that during 2023, Arab Bank Switzerland acquired the majority stake in the family holding company which owns a deep-rooted Swiss bank "Gonet & Cie SA". The new banking group will be a major actor in the Swiss wealth management industry, with assets under management in excess of CHF 10 billion.

Arab Bank was named “Bank of the Year 2023 in the Middle East” by the London-based “The Banker” Magazine, owned by the Financial Times. The bank was also named “Best Bank in the Middle East 2023” for the eighth consecutive year by New York-based international publication “Global Finance”. Additionally, the bank received 18 awards in recognition of its corporate and consumer digital banking services in Jordan and the MENA region.

The bank’s 2023 financial statements are subject to the approval of the Central Bank of Jordan.

Arab Bank has recently provided its support for the third phase of the national afforestation campaign "Forever Green" in collaboration with the National Initiative for Agricultural Development. Through the initiative, a number of seedlings were planted along Budaiya Highway, Capital, Bahrain.

This support comes as part of Arab Bank’s response to the national afforestation strategy and in consolidation with the national efforts directed toward improving environmental ecosystem in the Kingdom. These efforts also aim to expand green areas and promote urban agriculture across the streets, intersections, in addition to new projects and initiatives.

The afforestation activity was conducted in the presence of Her Excellency Shaikha Maram bint Isa Al Khalifa, the Secretary-General of the National Initiative for Agricultural Development, Ms. Nadya Talhouni, Country Manager at Arab Bank-Bahrain, Engineer Mohammed Al-Sahli, The Capital Municipality Director-General, as well as the participation of several Arab Bank employees. This participation embodies the bank’s commitment to achieving sustainable environmental development  by engaging its employees in community initiatives that serve the local society translate the bank’s values of citizenship and social responsibility.

The Banker’s judging panel’s decision to honor Arab Bank with this highly coveted regional award was based on criteria assessing a number of different indicators, including the Bank’s financials, strategy and performance, in addition to other specific indicators, a process that takes over 5 months to conduct.  

The Banker Magazine, for more than 90 years, has been the world's longest-running international banking title and the leading monthly journal of record for the global banking industry.

Commenting on this recognition, Ms. Randa Sadik, Arab Bank’s Chief Executive Officer, said: Such global recognition is a testament to the leading position Arab Bank enjoys both locally and regionally. It reflects the bank’s consistent ability to deliver solid performance despite the challenging circumstances across the region and the world.”  She added, “The bank continues to provide a wide range of  banking solutions to its customers in line with its comprehensive strategy and its well-established institutional approach, with an ambitious, forward looking vision that keeps pace with the latest technological developments in the banking industry."

Arab Bank received significant recognition and awards from various reputed international and regional institutions during last year, including Best Bank in the Middle East for 2023 from New York-based Global Finance publication, for the eighth consecutive year.

Arab Bank, headquartered in Amman Jordan, was established in 1930 and currently has one of the largest global Arab banking networks with over 600 branches spanning five continents and covering key financial markets and centres.