Based on the provisions of the Companies Law in force and relevant instructions, the general assembly of Bank ABC in Jordan (Arab Banking Corporation – Jordan) held its ordinary Annual General Assembly Meeting for 2024 on Thursday, 25 April 2024 by means of a virtual webinar.
The meeting was chaired by the Chairman of the Board of Directors, Mr. Sael Fayez Al Waary, and attended by members of the Board of Directors, the General Manager of the Bank, Mr. George Farah Sofia, the Companies Controller, H.E. Dr. Wael AL Armouti, the auditors Deloitte and Touche, a representative of the Central Bank of Jordan and shareholders representing )90.6964%) of the Bank’s capital.
During the meeting, items of the general meeting’s agenda were approved, including the Board of Director’s Annual Report for the fiscal year 2023, the Bank’s action plan for 2024, auditor’s report for the fiscal year 2023, statement of financial position and statement of profit and loss as of 31 December 2023, in addition to the distribution of cash dividends to the Bank’s shareholders at the rate of 3% of the Bank’ subscribed capital.
The general assembly also approved the appointment of Ernst & Young as the Bank’s auditors for the fiscal year 2024, in addition to the appointment of Mrs. Suha Basil Andraws Ennab as an independent member of the Board of Directors of Bank ABC in Jordan as of 10 May 2023 in light of the resignation of Mr. Ra’fat Baseem Suliman Al-Halaseh as of 3 May 2023, and the discharge of the Board of Directors from liability for its activities in 2023.
On this occasion, the Chairman of the Board of Directors, Mr. Sael Fayez Al Waary, stated that, despite the global and regional circumstances and challenges, Bank ABC in Jordan managed to achieve promising financial performance and maintain its solid financial position in 2023; as its capital adequacy ratio reached 17.20% and financial leverage ratio reached 9.60%, which are significantly higher than the ratios required by the Central Bank of Jordan. Moreover, the Bank’s assets in 2023 grew by 3.3% to JD1.4 billion, shareholders’ equity reached JD165 million, compared to JD164 million in 2022, return on equity reached 3% and return on assets reached 0.36%. Customer deposits at the end of 2023 increased by 4.12% to JD877 million, compared to JD842 million in the previous year, with current and savings accounts representing 14.13% of total customer deposits, which reflects customers’ confidence in, and strong relationship with, the Bank. This growth helped maintain a health liquidity ratio of 126% at the end of 2023, while net profit after tax reached JD5 million, compared to JD6.7 million in the previous year.
On the other hand, Mr. Al Waary stated that the Bank is moving steadily towards achieving its vision of making “ila” the leading digital bank in Jordan and is continuously striving to implement its digital transformation strategy in order to achieve strong and sustainable growth rates.
On his part, the Bank’s General Manager, Mr. George Farah Sofia, stressed that the results achieved by the end of 2023 confirm that the Bank is making considerable progress towards its sustainable growth objectives. Mr. Sofia pointed out that total income in 2023 reached JD46.2 million, compared to JD43.1 million in 2022, interest and banking commissions reached JD42.1 million, compared to JD39.4 million in 2022 and net credit facilities portfolio reached JD763 million, compared to JD766 million in the previous year. He also stated that the Bank continued to allocate provisions in line with developments, in order to reach appropriate and comfortable coverage ratios as per the requirements of the Central Bank of Jordan.
Mr. George Sofia also pointed out that the Bank is always keen on keeping pace with the rapid technological and digital developments, in order to provide its customers with seamless and timely services. Therefore, the Bank launched several new products and services that meet customers’ needs through its ila banking app.
It is worth mentioning that Bank ABC in Jordan is a member of Bank ABC Group, MENA’s leading international bank, with Head Offices in the Kingdom of Bahrain and a solid global across five continents. It offers its customers an innovative range of wholesale financial products and services including Capital Markets, Transaction Banking, Specialised Finance, Islamic Finance, Real Estate Finance and Financial Markets, for Corporates and Financial Institutions. The Bank also offers consumer banking services through its network of branches in Jordan, Egypt, Tunisia and Algeria, as well as its digital mobile-only ila Bank in Bahrain and Jordan.
Mr. Sael Al Waary
Chairman of Bank ABC in Jordan
Mr. George Farah Sofia
CEO of Bank ABC in Jordan