In accordance with the provisions of the Defense Law No. (13) for 1992, Defense Order No. (5) for 2020 published in the Official Gazette on 31st of March 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 2020 on Thursday, 14th of May 2020 through video conference.
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 (87.32%) 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 2019 and the Bank's business plan for 2020, as well as the auditors' report for the fiscal year 2019 and the balance sheet, profit and loss account and income statement as at 31st of December 2019. The general assembly also approved the recommendation to not distribute cash dividends to the Bank's shareholders for 2019, as well as appointing Deloitte & Touche as the Bank's auditors for the fiscal year 2020, discharging the Board of Directors from their liabilities in respect of the financial year ended 31/12/2019 and appointing Mr. Ammar Fakhreddin Khalil as a member of the Board of Directors of Bank ABC (Jordan) (non-independent member) as of 1st of May 2019.
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. In response to the nation's appeal and driven by its solid community-based and humanitarian role, Bank ABC Jordan donated USD1 million to the "Himmat Watan" to support the government in dealing with the COVID-19 pandemic.
Commenting on the political and economic challenges faced by the national economy and various economic sectors, including the financial sector, Mr. Al Waary pointed out that the operating profit of Bank ABC Jordan remained stable, with the total income in 2019 reaching JD41.5 million compared to JD42.1 million in 2018. The Bank was also able to increase its net credit facilities portfolio in 2019 by 1.22% to JD621 million compared to JD614 million in the previous year, customer deposit balances increased to JD666 million at the end of 2019 compared to JD648 million in the previous year, with a 2.91% increase; low-cost deposits, including savings accounts, accounting for 15.42% of total customer deposits. Net profit after tax was significantly affected by the Bank's creation of additional provisions of JD14 million to protect capital and shareholder interests and strengthen the bank's financial position in the face of any liabilities that may arise under the current uncertainty prevailing in Jordan and the region as a whole, where net profit after tax reached JD1.9 million in 2019 compared to JD9.7 million in 2018.
The Bank’s General Manager, Mr. George Farah Sofia, stressed that despite these challenges and their impact on all economic sectors, Bank ABC Jordan has maintained a strong and healthy financial position, as all indicators of financial strength and health were higher than the requirements of the Basel Committee and the Central Bank of Jordan. The Bank also continued to implement its strategy of providing the best services to its customers in line with international best practices and technologies by developing all its services, particularly electronic services, to make them more accessible and effective through "ABC Digital".
Bank ABC Jordan is a member of the Bank ABC Group headquartered in the Kingdom of Bahrain. Bank ABC is a leading player in the MENA region’s banking industry and provides innovative financial products and services that include wholesale banking, trade finance, syndications, treasury and financial markets and Islamic banking products. It also provides retail-banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria.