Awards for Excellence country winners: Jordan

Arab Bank, under the leadership of chief executive Randa Sadik, had another good year in Jordan despite acute geopolitical risks, surging inflation and unprecedented increases in interest rates.

The bank saw a 41% increase in profit before tax, to $1.2 billion, compared with the previous year’s $851 million. This was driven largely by growth in net interest income, a reflection of the rate environment. Total assets stand at $68 billion.

One of the most important developments in the review period was the bank’s move to expand into neighbouring Iraq. In April 2023, it obtained regulatory approval to establish a subsidiary in the country and planned to launch it by mid 2024.

Arab Bank has also expanded its private-banking business through Arab Bank Switzerland’s acquisition of a majority stake in Swiss private bank Gonet.