Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting net income after tax of $405.8 million as compared to $271.7 million for the same period last year with an increase of 49%.

The Group’s core banking activities kept up the momentum in most areas of operations delivering solid underlying growth in loans and deposits.  At the end of September 2022, loans were up by 4% from September 2021 level to reach $35.6 billion, while deposits reached $47.8 billion, up by 3% from the 2021 level.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that the strong performance shows the growth potential and resilience that diversification brings to the Bank despite the challenging economic environment. 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 the underlying results reflect Arab Bank’s earnings capacity strength with 13% growth in net operating income across the Bank’s lines of business. This is primarily driven by the increase in total net interest and commission income; in addition to the controlled operating expenses. Ms. Sadik added that the Group’s liquidity and asset quality remains solid where loan-to-deposit ratio stood at 74.3%, and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains strong capital base that is predominantly composed of common equity with capital adequacy ratio of 16.4%.

Ms. Sadik noted that Arab Bank is on track to deliver its strategic digital transformation objectives, providing a comprehensive range of banking solutions and seamless customer experiences across the network and segments.

Earlier this year, Arab Bank was named “Best Bank in the Middle East 2022” for the seventh consecutive year by New York-based international publication “Global Finance”.

Arab Bank recently launched the second edition of its FinTech Bootcamp for entrepreneurs in Egypt, following the success of its first edition last year.

The launch of the second edition, organized by “AB Accelerator” in Egypt, comes as part of the bank’s strategic efforts to foster and support innovation in the FinTech sector towards offering responsive and agile banking solutions in line with the evolving needs and expectations of customers across different segments.

Participating startups enrolled in an intensive one-week bootcamp that took place between the 18th and the 22^nd of September, 2022, through which they were able to develop their ideas and refine their skills by testing their proposed solutions and validating their relevance and feasibility in the market. The bootcamp workshops were led by entrepreneurs, investors, experts from the FinTech industry as well as veteran bankers at Arab Bank Egypt, ensuring delivering the relevant experience and knowledge to the participants.

The bootcamp concluded with a demo day where startups pitched their solutions to a panel of judges comprised of Arab Bank senior management in addition to independent investors. Three winners were selected and received cash rewards to continue developing their ideas and building their solutions. “Haktiv” received the first-place prize of EGP 100,000 while “Credify” received the second-place prize of EGP 75,000 and “Receety” came in third with a EGP 50,000 prize.

The “AB Accelerator” program aims to accelerate the adoption of emerging technologies and solutions within Arab Bank, and support entrepreneurs with the opportunity to scale their market ready FinTech startups across the MENA region. Driven by this objective, the “AB Accelerator” program works to integrate into Egypt’s startup scene through investing in early-stage startups specialized in FinTech that demonstrate strategic alignment with Arab Bank’s vision in fostering innovation.

Commenting on the launch of the second edition, Habiba Helmy, Innovation Lead at Arab Bank – Egypt, said: “Through the FinTech Bootcamp, we seek to support entrepreneurs and startups through connecting them with mature FinTech founders and relevant Arab Bank stakeholders for guidance and knowledge exchange based on the experts’ solid experience and challenges witnessed over the years in this sector.” Helmy added: “Arab Bank continues to focus on carrying out initiatives that aim at building the capacity of entrepreneurs in Egypt and seeks to create long-term relationships with the founders through offering continued support. The bank continues to follow up with startups that participated in its first edition last year, which witnessed distinctive turnout and success. The launch of the second edition aimed at supporting  startups through offering them the resources, workshops and mentorship needed to develop their ventures further and sharpen their entrepreneurial skills”

Arab Bank’s presence in Egypt started in 1944. Currently, the bank has 44 branches located in main cities and governorates across Egypt. Arab Bank has one of the largest global Arab banking networks with over 600 branches spanning five continents.

It is worth noting that Egyptian entrepreneurs who wish to join Arab Bank’s “AB Accelerator” portfolio of companies may apply online through: www.abaccelerator.co/apply-now or send an email to: hello@abaccelerator.co, which were launched specifically to receive inquiries and application forms.

New York-based Global Finance magazine has recently named Arab Bank the “Best Consumer Digital Bank in Egypt for 2022 “.The bank also received many awards in recognition of its corporate and consumer digital banking services across the region.

Arab Bank was chosen by a world-class panel of judges, which included experts in consulting, technology, and outsourcing, in addition to the magazine’s team of editors. The criteria of selection included: strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, web/mobile site design and functionality, and the breadth of its product and service offering.

This global recognition complements Arab Bank’s significant success record and comes as a result of its constant efforts to deploy the latest digital banking solutions and services that meet the needs of its customers across the different sectors in line with the latest technologies in the banking industry.

On the regional level, Arab Bank received a total of five recognitions for its corporate and consumer services, which included Best Integrated Consumer Banking Site, Best Bill Payment and Presentment, Best Information Security and Fraud Management, and Best Open Banking APIs. The bank also received “Best SME Banking” award on the corporate level.

It is worth mentioning that Arab Bank was recently named “Best Bank in the Middle East 2022” by Global Finance for the seventh consecutive year.

In line with the back-to-school season, Arab Bank recently launched a special promotional campaign in Egypt, which offers  10% cashback to its Visa credit cardholders on all their school or university purchases, and any POS or online transactions conducted through bookstore merchants included in the campaign with an installment option of lowered interest rates on credit cards. 


The campaign, which will run until 30th September, 2022, allows customers to register by sending a text message from the mobile number linked to the account, noting that the offer is exclusively valid on Arab Bank Visa credit cards as per the terms and conditions of the campaign, in which the cashback due will be credited by October 30th, 2022. 


Commenting on the campaign launch, Mr. Mahmoud Ghadrifi, Head of Cards and Strategic Partnerships at Arab Bank – Egypt, said: “This campaign comes as part of Arab Bank’s constant efforts to reward its customers and provide them with added-value offers in line with their lifestyle and needs throughout the year, as it offers many benefits to celebrate the back-to-school season for both university and school students.” He added: “Through this campaign, customers are able to benefit from cashback on all their school-related expenses in addition to a lowered interest rate on installments.” 


It is worth mentioning that Arab Bank credit cards provide a wide range of benefits to its holders, including worldwide acceptance and easy and secure access to credit card accounts anytime through both “Arabi Mobile” and the bank’s internet banking service “Arabi Online”. 
 

Arab Bank has recently launched a new account entitled “Al Nas”, which aims to support financial inclusion by allowing a wider segment of the society to benefit from a range of banking products and services. The launch of this new account is in line with the vision of the Central Bank of Egypt to reach sustainable economic development through financial inclusion and comes as part of Arab Bank’s host of comprehensive banking products and solutions that meet the banking needs of both individual and corporate customers. 


The new account, available for individuals, employees and corporates customers, offers exclusive benefits that include the ability to open an account through simple and easy steps without minimum balance starting from the age of sixteen. The new account also offers Arab Bank customers a Visa debit card free of charge that can be used across points of sale and online, in addition to offering installments at preferential rates using Arab Bank credit card, and the ability to pay bills through the bank’s “Arabi Mobile” app within the highest levels of security and ease. Customers can also benefit from the usual banking services such as cash deposit and withdrawal directly through ATMs, the ability to transfer cash locally and receive payments from abroad, as well as cheque deposit. Additionally, the new account exempts customers from many fees including account opening fees, annual and monthly fees, minimum balance fees, and salary transfer fees.


Commenting on the account launch, Mohamed Elhalawane, Head of Consumer Banking at Arab Bank – Egypt, stated: “The launch of this new account comes as part of Arab Bank’s commitment to provide its customers with banking solutions that contribute to community development and support the Central Bank’s efforts towards financial inclusion.” He added: “Through the new account, customers are able to open an account easily and benefit from many account-related fee exemptions, as well as purchase and install payments at preferential rates and many other benefits.” 


It is worth mentioning that Arab Bank’s presence in Egypt started in 1944. Currently, the bank owns 44 branches located in main cities and governorates across Egypt. Arab Bank has one of the largest global Arab banking networks with over 600 branches spanning five continents. The bank was also recently named “Best Bank in the Middle East 2022” by New York-based Global Finance Magazine for the seventh consecutive year.

As part of its constant efforts to provide the latest services and solutions to its customers, Arab Bank recently revamped its “Shabab” program offering an array of benefits for the youth between the ages of 16 - 25.


The new “Shabab” program offers a host of banking and non-banking benefits, specially designed to meet the evolving needs and fit the lifestyle of young students and employees. The benefits of the new program entails: exemption from account opening fees and subscription charges, 15,000 welcome points on the first account deposit, digital savings account "e-Tawfeer" opening with reward points through "Arabi Mobile" app, complementary “BandPay” and contactless debit card, online coupons for stores with preferential rates via “Arabi Mobile” app, in addition to special discounts and offers from a wide list of merchants including restaurants, entertainment centers, gyms, stores, and many more. 


Customers interested in opening an Arab Bank “Shabab” account can instantly download “Arabi Mobile” app through AppStore or Google Play and select “Open an Account” feature directly on the app to fill in the needed information. Customers can then visit the nearest branch to activate the account. 


Commenting on the new program launch, Mohamed Elhalawane, Head of Consumer Banking at Arab Bank – Egypt, stated: “We continuously seek to upgrade our programs and services to provide our customers of all ages with a comprehensive banking experience that meets their needs and enables them to conduct their banking transactions seamlessly.” He added: “The launch of the new “Shabab” program in its new features reflects Arab Bank’s commitment to the youth as the program entails many exclusive and unique benefits that meet the banking needs of the 16 - 25 segment and provide them with an added value in line with the Central Bank’s financial inclusion policy.” 


It is worth mentioning that Arab Bank provides its customers with a comprehensive range of digital banking solutions, such as the “Arabi Mobile” app, the “Arabi Online” service, and an extensive network of advanced Arab Bank ATMs including drive-thru ATMs. This is in addition to offering customers a range of innovative digital banking service around the clock through its first self-service Branch in Egypt – CityStars Mall, its self-service area at the New Cairo Branch, and its new Zizinia branch in Alexandria.

Arab Bank has recently launched “Arabi Mongez” loan for SMEs in Egypt. The launch of this new loan comes as part of the bank’s constant efforts to support the SMEs sector in line with their evolving financial needs while providing them with specialized banking and financing solutions tailored to the requirements of this vital sector.

“Arabi Mongez” finances small projects with loans up to EGP 5,000,000 and fixed installments for up to 3 years through financing the purchase of equipment and raw materials needed for the projects. The loan also provides the companies with a VISA Signature credit card to finance the government payments, noting that SMEs can easily apply for the loan with a quick processing time of 5 business day.

Commenting on the launch of this new service, Rania Sherif, Country Head of SMEs – Egypt, said: “The launch of Arabi Mongez comes as part of Arab Bank’s ongoing efforts to create a sustainable model for SMEs that meets their evolving needs through convenient financing solutions aimed at growing their business in line with the fast-paced nature of this vital sector.” She added: “Arabi Mongez is ideal for SMEs that are looking to increase their productivity and expand the scope of their business.”

It is worth mentioning that Arab Bank’s presence in Egypt started in 1944. Currently, the bank owns 44 branches located in main cities and governorates across Egypt. Arab Bank has one of the largest global Arab banking networks with over 600 branches spanning five continents. The bank is also one of the leading financial institutions that support the SMEs by providing this vital sector with a comprehensive set of banking services through a network of business centers and branches across the country to support the business of these projects and boost their growth.