In accordance with the provisions of the Defense Law No. (13) for 1992, Defense Order No. (5) for 2020 and the measures prescribed by the Minister of Industry, Trade and Supply on 9th of April 2020 under said defense order, the general assembly of Bank ABC Jordan (Arab Banking Corporation Jordan) held its ordinary general assembly meeting for 2021 electronically on Tuesday 27th of April 2021.
The meeting was chaired by the Chairman of the Board of Directors, Mr. Sael Fayez Al Waary, and was attended by Board members; the General Manager of the Bank, Mr. George Farah Sofia; the Companies Controller, Dr. Wael Al Armooti, the auditors, Deloitte & Touche; the representative of the Central Bank of Jordan and shareholders holding (89.37%) of the Bank's capital.
During the meeting, the items on the agenda were approved; as the general assembly approved the Directors’ annual report for the fiscal year 2020 and the Bank's business plan for 2021, as well as the auditors' report for the fiscal year 2020, the balance sheet, profit and loss account and income statement as at 31st of December 2020. The general assembly also agreed not to distribute cash dividends to the Bank's shareholders for 2020, and approved the appointment of Deloitte & Touche as the Bank's auditors for the fiscal year 2021, in addition to discharging the Board of Directors from their liabilities in respect to the financial year ended 31/12/2020 and Mrs. Nermeen Ismail Hasan Nabulsi as a member of the Board of Directors of Bank ABC (Jordan) (independent member) as of 1st of October 2020.
On this occasion, the Bank’s Chairman; Mr. Sael Al Waary; expressed his deep thanks and appreciation for the outstanding efforts of the Government and all national institutions and security services to combat the spread of the coronavirus, contain it and mitigate its impact on Jordan.
Mr. Al Waary pointed out that the national economy has faced challenges as a result of the instability and political tension in the region, which had negative repercussions on the economic activity in Jordan, and 2020 has imposed a new economic crisis arising from the COVID-19 pandemic which affected global and local economies alike and lead to a substantial decline in the performance of all economic sectors. Yet, despite these difficulties, Bank ABC Jordan has maintained its solid position and demonstrated a high level of resilience in dealing with the crisis by ensuring business continuity in all its sectors and departments in an effective and competent manner, and continued to provide its customers with the best services in line with the directions and instructions of the Central Bank of Jordan, while implementing measures that ensure the safety of its employees and customers.
Mr. Al Waary also pointed out that the Bank’s capital adequacy ratio reached 20.1% and the financial leverage ratio reached 10.5%, which is significantly higher than the ratios required by the Central Bank of Jordan. The Bank also maintained a total income of JD41.4 million in 2020, compared to JD41.5 million in 2019, while interest and commission reached JD37.1 million, compared to JD36.6 million in 2019; with a 1.4% increase. Net profit after tax reached JD1.22 million; affected by the Bank's creation of additional provisions of JD14 million to protect capital and shareholders’ interests and strengthen the bank's financial position. In addition, shareholders’ equity reached JD160 million in 2020 and total assets reached JD1.184 billion. The Bank was also able to increase its net credit facilities portfolio by 4.7% to JD 650 million, compared to JD621 million in the previous year.
From his end, the Bank’s General Manager, Mr. George Farah Sofia, stressed that these results confirm the Bank’s solid position and ability to continue to grow and achieve more profits despite the fact that the Bank’s performance was affected by the prevailing economic climate in Jordan and the region as a result of the COVID-19 pandemic. These results reflect the enormous efforts exerted by the Bank’s Board of Directors, executive management and employees to achieve the Bank’s strategic plan of constant growth and implement the Bank’s policy of prudent management of banking risks and liabilities; as part of its future strategies and plans that are based on providing more banking products and keeping pace with customers’ needs.
Mr. Sofia pointed out that Bank ABC’s strategic vision of this market is enhanced day by day with the hope that the local economy will witness apparent improvement in terms of economic activities in the upcoming period and, to further emphasize this vision, the Bank will open its new Head Office in 2021; to reflect its identity and values (Client Centric,Collaborative and Consistent) and sustainability to keep pace with the development and growth in the bank's business.
It is worth mentioning that Bank ABC 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 clients an innovative financial products and services including wholesale banking, trade finance, project & structured finance, syndications, treasury and Islamic banking products. The Bank also provides retail-banking services through its network of banks in Jordan, Egypt, Tunisia and Algeria, in addition to “ila” digital bank in Bahrain.