The General Assembly of Cairo Amman Bank, in its regular meeting held on Thursday, April 13, 2023, by video and electronic communication, approved the financial statements for the year 2022 and all agenda items, including the distribution of 10% cash dividends to the bank’s shareholders.
The bank continued to achieve outstanding results, as the net profits attributable to the bank’s shareholders for the year 2022 amounted to JD 34.6 million, compared to JD 32.8 million, an increase of 5.5%, after income tax, while the profits before income tax for the year 2022 amounted to JD 52.7 million, compared to JD 51.3 million for the previous year.
Mr. Yazid Al-Mufti, Chairman of the Board of Directors, stated that the bank and its 98 branches spread across Jordan, 22 branches in Palestine, and one branch in Bahrain, in addition to its subsidiaries in Jordan, the Awraq Investment Company, the Tamalak Company for Financial Leasing, and in Palestine, Safa Bank, and ALWatanieh Securities Company. Thanks to his prudent management of risks and commitment to the best banking standards, it was able to achieve good results, as the bank’s assets grew during the year 2022 by 1.7% to reach JD 3675 million, and customer deposits attained a growth of 0.7% to reach JD 2454 million. The balance of credit facilities increased by 9% to reach JD 2127 million while maintaining the quality of the portfolio, as the percentage of non-performing facilities reached 4.75%, which is less than average within the banking sector. The rate of return on shareholders’ equity reached 8.8%, while the capital adequacy ratio reached 15.59%, which is higher than the percentages prescribed by the instructions of the Central Bank of Jordan.
Mr. Yazid Al-Mufti noted that the bank would continue, during the year 2023, to implement its policies and strategic plan to develop its business by maintaining liquidity ratios and the quality of the credit portfolio, in addition to contributing to supporting the local community as part of the bank’s social responsibility.
At the end of the meeting, Mr. Yazid Al-Mufti thanked the bank’s customers and shareholders for their trust and continuous support, which enabled the bank to achieve these results, and to the bank’s employees and the Central Bank of Jordan for its sincere efforts and permanent support, looking forward to achieving more growth and success in the coming years.