Arab Banking Jordan: Bank ABC in Jordan (Arab Banking Corporation Jordan) holds its Annual General Meeting virtually MORE

Amman, Jordan – In accordance with the provisions of Defense Act No. (13) for 1992, Defense Ordinance No. (5) for 2020 and measures prescribed by the Minister of Industry, Trade and Supply the 9thandof April 2020 under the said defense order, the general meeting of Bank ABC in Jordan (Arab Banking Corporation Jordan) held its ordinary annual meeting for 2022 on Thursday 21stfrom April 2022 virtually.

The meeting was chaired by the Chairman of the Board of Directors, Mr. Sael Fayez Al Waary, and brought together the members of the Board of Directors; the Bank’s Managing Director, Mr. George Farah Sofia; the companies controller, Dr Wael Al Armooti, ​​the auditors, Deloitte & Touche; the representative of the Central Bank of Jordan and the shareholders holding (87.346%) of the capital of the Bank.

During the meeting, the items on the agenda were approved; that the general meeting approved the annual report of the directors for the financial year 2021, the business plan of the Bank for 2022, the report of the auditors for the financial year 2021, the balance sheet, the profit and loss account and the income statement as of December 31, 2021, in addition to the distribution of 6% of the Bank’s subscribed capital in the form of cash dividends to shareholders. The general meeting also approved the appointment of Deloitte & Touche as auditor of the Bank for the financial year 2022, giving discharge to the board of directors for its activities in 2021 and electing the board of directors for the four coming years.

On this occasion, the President of the Bank; Mr. Sael Al Waary; underlined that the Bank continued on its road to success despite the unprecedented challenges and repercussions of the COVID-19 pandemic which still threatens economies around the world, including the Jordanian economy. Mr. Al Waary added that despite these exceptional circumstances and challenges, the Bank has managed to maintain its sa solid financial position, positive results and sustainable operations, by continuing to provide exceptional banking services and products through multiple digital and conventional channels.

In addition, Mr. Al Waary pointed out that the Bank preserved its solid capital base; while the equity ratio reached19.50% and a leverage ratio of 10.73% wwhich greatly exceed the ratios required by the Central Bank of Jordan. In addition, for the year 2021, Bank ABC in Jordan achieved strong financial results; net profit after tax reached JD 9.6 million, compared to JD 1.22 million the previous year. Total revenue for 2021 increased by 8.5% to reach JD45 million, compared to JD41.4 million in 2020, interest and bank commissions reached JD 40.5 million, compared to JD 37.1 million in 2020; with an increase of 9%, shareholders’ equity increased by 5% to 168 million JD, compared to 160 million JD in 2020; and the return on equity reached 6%, while the Bank’s return on assets reached 0.8%.

Mr. Al Waary pointed out that despite all the challenges, the seriousness and prudent policy of the Bank in the management of its credit portfolios enabled it to perform well in 2021, as the Bank’s management continued its efforts to increase the volume of credit facilities, while maintaining low levels of risk by ensuring all elements of a sound credit decision.As a result, the credit facility portfolio in 2021 increased by 6.7% to reach JD693 million, compared to JD650 million the previous year and customer deposits increased by 5.6% to reach JD723 million, against 684 million JD the previous year.

For his part, the Bank’s Managing Director, Mr. George Farah Sofia, stressed that despite in the face of the ongoing economic and political challenges imposed by the COVID-19 pandemic on the Jordanian and global economy, Bank ABC in Jordan has demonstrated a high level of resilience in the face of the pandemic; as it has been able to maintain its operations in an effective and efficient manner that ensures the safety of its employees and the provision of the best services to its customers, while complying with the instructions of the Central Bank of Jordan.

In addition, Mr. George Sofia underlined that the Bank continued to develop its digital banking services; improve the accessibility and effectiveness of ABC Digital, and keep pace With rapid advances in technology and customer service, Bank ABC is on track to launch “ila application”, the mobile-only digital application in 2022.

Mr. George Sofia further pointed out that at the beginning of 2022, the Bank moved into the new head office and main branch, which meets its current and future needs and mirrors Bank ABC in Jordan identity and well-established values ​​that put customers first, while pursuing its consistent performance as a team.

Mr. George Sofia added that, in line with his future vision and strategy, the The Bank strives to strengthen its capital base, improve its financial position and increase its competitiveness in the market. It also seeks to maximize its equity, continue to develop its risk management practices and expand its activities and services in line with technological and digital advancements. This will see the Bank adopt more disruptive technologies to improve its offering and invest in Bank ABC Group’s extensive international network.

It is worth mentioning that Bank ABC in Jordan is a member of the Bank ABC Group, the leading international bank in the MENA region, with headquarters in the Kingdom of Bahrain and a strong global presence in five continents. It offers its clients innovative financial products and services, including wholesale banking, trade finance, project and structured finance, syndications, treasury and Islamic banking products. The Bank also provides retail banking services through its network of banks in Jordan, Egypt, Tunisia and Algeria, in addition to digital bank “ila” in Bahrain.