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Bank ABC in Jordan (Arab Banking Corporation Jordan) holds its Annual General Meeting virtually
21/04/2022
​Amman, Jordan - 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 in Jordan (Arab Banking Corporation Jordan) held its ordinary annual meeting for 2022 on Thursday, 21st of April 2022 virtually. 

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 (87.346%) 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 2021, the Bank's business plan for 2022, the auditors' report for the fiscal year 2021, the balance sheet, profit and loss account and the income statement as of 31st of December 2021, in addition to the distribution of 6% of the Bank’s subscribed capital as cash dividends to the shareholders. The general assembly also approved the appointment of Deloitte & Touche as the Bank's auditors for the fiscal year 2022, discharging the Board of Directors for its business in 2021 and electing the Board of Directors for the next four years. 

On this occasion, the Bank’s Chairman; Mr. Sael Al Waary; pointed out that the Bank has continued its success journey despite the unprecedented challenges and repercussions of the COVID-19 pandemic which is still looming over economies worldwide, including the Jordanian economy. Mr. Al Waary added that, despite these exceptional circumstances and challenges, the Bank managed to maintain its solid financial position, positive results and sustainable operations, by continuing to provide exceptional banking services and products through multiple digital and conventional channels. 

Furthermore, Mr. Al Waary pointed out that the Bank preserved its solid capital base; as the capital adequacy ratio reached 19.50% and a financial leverage ratio reached 10.73% which significantly exceed the ratios required by the Central Bank of Jordan. Moreover, for the year 2021, Bank ABC in Jordan achieved robust financial results; as net profit after tax reached JD9.6 million, compared to JD1.22 million in the previous year. The total income for 2021 grew by 8.5% to JD45 million, compared to JD41.4 million in 2020, interest and banking commissions reached JD40.5 million, compared to JD37.1 million in 2020; with a 9% increase, shareholders’ equity grew by 5% to JD168 million, compared to JD160 million in 2020; and return on equity reached 6%, while the return on the Bank’s assets reached 0.8%. 

Mr. Al Waary stressed that despite all challenges, the Bank’s keenness and prudent policy for managing its credit portfolios enabled it to perform well in 2021, as the Bank’s management continued its efforts to increase the volume of credit facilities, while maintaining low risk levels by ensuring all elements of a sound credit decision. As a result, the credit facilities portfolio in 2021 grew by 6.7% to JD693 million, compared to JD650 million in the previous year and customer deposits grew by 5.6% to JD723 million, compared to JD684 million in the previous year. 

For his part, the Bank’s General Manager, Mr. George Farah Sofia, stressed that despite the ongoing economic and political challenges imposed by the COVID-19 pandemic on the Jordanian and global economy, Bank ABC in Jordan has demonstrated a high level of resilience in dealing with the pandemic; as it was able to sustain its operations in an efficient and effective manner that ensures the safety of its employees and provision of the best services to its customers, while complying with the instructions of the Central Bank of Jordan. 

Additionally, Mr. George Sofia pointed out that the Bank continued to develop its digital banking services; enhancing the accessibility and efficiency of ABC Digital, and to keep pace with the rapid technological and customer service advancements, Bank ABC is on track to launch “ila application”, the digital mobile-only application in 2022. 

Mr. George Sofia further pointed out that at the beginning of 2022, the Bank moved into the new Head Office and Main Branch, which meets its current and future needs and reflects Bank ABC in Jordan’s identity and well-established values that put customers first, while continuing its steady performance as a team. 

Mr. George Sofia added that, in line with its future vision and strategy, the Bank is striving to strengthen its capital base, enhance its financial position and increase its market competitiveness. It also seeks to maximize its shareholders’ equity, continue to develop its risk management practices, and expand its activities and services in line with technological and digital advancements. This will see the Bank further embrace disruptive technologies to improve its offering and invest in the broad international network of Bank ABC Group. 

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 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.

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