Arab Bank Group, which has the broadest country network of any Arab bank with a presence in 27 countries, continues to produce enhanced results despite political turbulence and significant changes in management. In reaching its 75th anniversary, a huge achievement, the group managed to also achieve a 40.3% increase in pre-tax profits in 2004 to $319.4m, an 11.4% balance sheet expansion to $27.3bn and a modest increase in return on equity to 9.8%.
The strong performance stems, in part, from a new organisational structure and a new strategic direction which focuses on expanding and strengthening the retail banking business in various markets by leveraging the group’s unique network in the Arab world. A number of service quality programmes are being launched to raise customer satisfaction levels, increase retention and provide customer value.
Meanwhile, in July this year the bank’s CEO, Abdul Hamid Shoman, was unanimously appointed chairman following the death of his father and chairman Abdul Majeed Shoman.
Mr Hamid Shoman says: “Our determination to work under difficult conditions has been underpinned by the strong values we uphold. Most of our clients and staff come from the local communities in which we work and to which we provide services, contributing to their welfare, while strictly adhering to their rules and regulations, without exception.”
