CAB

The General Assembly of Cairo Amman Bank Shareholders approves the results of the Bank for the year 2017 And decides the distribution of cash dividends by 12%

Date: 
Tue, 2018-04-24

 

The General Assembly of Cairo Amman Bank approved in its ordinary meeting which was held on Tuesday 24/4/2018 to distribute cash dividends to shareholders by an amount of 120 fils per share meaning by 12% of par value of the share, profits before income tax for the year 2017 have amounted to 41.9 million dinar, while profits after income tax amounted to 30.3 million dinar.

 The Chairman of the Board of Directors Mr. Yazid Al-Mufti has pointed out that the Bank was able, thanks to its successful strategy, conservative policy, and prudent risk management, in addition to its commitment to the best standards of banking business, to achieve outstanding results that exceeded the estimated budget, where assets of the bank have grown by 12.2% to reach 2794.3 million dinar, so that customers deposits have grown by 13.1% to reach 1749.9 million dinar. And the balance of credit facilities increased by 13.4% to reach 1537.9 million dinar with maintaining the quality of the portfolio, where the rate of non-working facilities amounted to 3.82% which is less than the average within the banking sector in Jordan, with the existence of allocations covering these non-working facilities by 77.8%. This is the situation and rates of return on equity rights amounting 9.15%, are still within the higher rates in the Jordanian banking sector, where the Bank comes the fourth among the commercial banks, while capital adequacy ratio amounted to 15.04% which is higher of the rates determined by Central Bank of Jordan.

Mr. Yazid Al-Mufti noted that the bank will continue during the year 2018 to implement its policy and strategic plan and to develop its business through maintaining the high rates of liquidity and the quality of the credit portfolio, in addition to contribution to supporting the local community as being part of the bank’s social responsibility.

A new Board of Directors has been elected for four years to come of the following names:

Mr. Yazid Al-Mufti, Mr. Khaled Al-Masri, the Public Institution for Social Security, Banque Misr,  Arab Supply and Trading Company, Mr. Sharif Al-Saifi, Mr. Yasin Al-Talhouni, Mrs. Suha Ennab, Mr. Tareq Aqel, Mr. Hassan Abu-Ragheb and Mr. Sami Smeirat.

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

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