CAB

49.9 Million Dinars realized as Cairo Amman Bank Profits for the year 2016

Date: 
Mon, 2017-05-01

 

The General Assembly of Cairo Amman Bank approved during its ordinary meeting which was held on Thursday 27/4/2017 the report of the Board of Directors and the financial statements of the year 2016, including approval of the recommendation of the Board of Directors to distribute cash dividends to shareholders by 12% and in an amount of 21.6 million dinar.

The Chairman of the Board of Directors Mr. Yazid Al-Mufti pointed that, despite the continued low economic growth rates and the disparity in the performance of the main economic sectors in Jordan, the bank could achieve positive performance rates in its operational indicators exceeding expectations, where credit facilities portfolio has increased by 18.5% to reach 1144.2 million dinar with maintaining the quality of the portfolio, where the ratio of net non-working facilities amounted 3.47% of total facilities and it is less than the average in the banking sector in Jordan.

Net Profit before income tax for the year amounted 49.9, while net profit after income tax and allocations amounted 35.1 million dinar, decreased by 14.9% compared to last year mainly due to lower interest margin in addition to the decrease in the financial assets profits. The year results have also included the bank’s share of the losses related to Safa Bank mainly due to the operational expenses during the period of incorporation of the bank which commenced its business during the third quarter of the year 2016. Note that the bank realized net profit of 3.4 million dinar resulting from the sale of financial assets at fair value through statement of gross income which were directly recorded for the account of retained earnings and were not reflected within the income statement. The Bank also strengthened its capital base, where the total of share holders’ equity amounted 326.5 million dinar realizing a high rate of 6.1%, while capital adequacy according to the requirements of Basil

pointer (III) is 16.47% which is higher than the rates set by Central bank of Jordan amounting 12% and the one related to Basil pointer which is 8% which makes the Bank to be classified within the first category (Good Capital) according to the solvency level and thus can expand its future business.

Mr. Al-Mufti also pointed that the Bank continued during the year its leading role in the provision of its services to individuals and have its products and programs developed, in addition to the enhancement of service provision stations network of branches, offices and the Bank’s ATMs in all governorates of the Kingdom and Palestine, and continuous development of electronic banking services stations. The Bank has also finalized all legal and technical procedures for the incorporation of Safa Bank in Palestine that commenced its banking business in the third quarter of the year 2016, to provide its banking and financial services and investment business according to the provisions of the Sharia Law.

This is the situation, and the Bank will continue during the year 2017 to work on the application and implementation of its policy and strategic plan, the development of its business, upgrading the services provided and increasing the efficiency of performance.

At the end of the meeting, Mr. Yazid Al-Mufti thanked the bank’s customers and shareholders whose by their support and confidence the Bank could realize these results, and to the bank’s employees for what they have achieved and accomplish based on extreme commitment and sincere action, looking forward to achieving more progress and success in years to come.

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