CAB

The General Assembly of Cairo Amman adopts distribution of free shares dividends by 25% and cash dividends by 17%

Date: 
Wed, 2014-04-23

The General Assembly of Cairo Amman Bank approved in its extraordinary meeting which it held yesterday Tuesday corresponding 22/4/2014 to increase the capital of the bank to 125 million dinar by way of capitalizing 25 million dinar of retained earnings and reserves and having them distributed to shareholders as free share dividends by 25%. The General Assembly also adopted in its  ordinary meeting preceding the aforesaid meeting the report of the Board of Directors and the financial statements for the year 2013 which revealed the bank realizing net profit at an amount of 40.8 million dinar across from 35.3 million dinar for the year 2012 including the approval of the recommendation of the Board of Directors to distribute cash dividends to shareholders at an amount of 170 fils per share, meaning by 17% of par value of the share.

And the Chairman of the Board of Directors Mr. Yazeed Al-Mufti stated: In spite of the circumstances witnessed by the Jordanian economy during the year 2013, however, the bank managed thanks to its successful strategy, prudent risk management policy, in addition to its commitment to the best standards of the banking work to achieve these results, in addition to the growth in most of operational indicators, as assets of the bank had grown by 9.3% to reach 2212.9 million dinar, while customers deposits had grown by 108% to reach 1426 million dinar, however, because of the low rates of liquidity within the banking sector in general in the first half of the year 2013, the bank showed reserve in the expansion of loans operations which resulted in a decline in the balance of credit facilities by 4.2% to reach 964.8 million dinar with maintaining the quality of the portfolio, where the rate of non-working facilities amounted 4.78% and it is less than the average in the banking sector in Jordan with the existence of allocations covering these non-working facilities by 101.2%. this is the situation and rates of return on assets and equity rights amounting 1.93% and 16.14% respectively, are still within the higher rates in the Jordanian banking sector, while the percentage of  capital adequacy amounted 15.8 and it is higher of the rates determined by Central Bank of Jordan.

And Al-Mufti pointed that the bank has continued during the year to develop its work and strengthening its competitive position and upgrading the quality of its services through the diversification of its investments, where it signed an agreement for the acquisition of 9.9% of the Iraqi Ahli Bank, it also established a company to carry out lease financing and is expected to start its works in the first half of the year 2014, as well as to continue to invest in the infrastructure, and in crowning the bank’s efforts, the bank managed to obtain “Stamp of Distinction” during its first participation in the Award of King Abdullah II for distinction.

And Mr. Al-Mufti lauded that the bank will continue during the year 2014 to implement its policy and its strategic plan to develop its work through maintaining the high rates of liquidity and the quality of the credit portfolio, and finalizing the application of the new banking system in Jordan and to start applying it in Palestine, in addition to contribution to supporting the local community as being part of the bank’s social responsibility.

And the General Assembly carried out the election of the Board of Directors comprising of each of Al-Maseera Company for Investment, Banque Misr (the Bank of Egypt), Mr. Khaled Sabih Al-Masri, Mr. Yassin Khalil Al-Talhouni, The Arab Company for Supply and Trade, Social Security Corporation, Al-Ishraq Company for Commercial Investments, Egypt Company for Investment, Mr. Yazeed Adnan Al-Mufti, Dr. Farouq Ahmad Zaitar, Mr. Nashat Taher Al-Masri and Mr. Shareef Mahdi Al-Seifi.

At the end of the meeting, Mr. Yazeed Al-Mufti thanked the bank’s customers and shareholders for their confidence and continued support which enabled the bank to achieve these results, and to the bank’s employees for their hard work, loyalty and dedication, and to the Central Bank of Jordan for its dedicated efforts and continued support, looking forward to achieving more progress and success in years to come.

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