The Cairo Amman Bank General Assembly of shareholders approved, in its ordinary meeting held on Wednesday, April 3, 2024, through video and electronic communication, the financial statements for the year 2023 and all operations on the agenda, including the distribution of cash dividends to shareholders at a rate of 7%.
The General Assembly of shareholders also approved, in its non-ordinary meeting held on Wednesday, April 3, 2024, through video and electronic communication, an increase in the bank’s capital by JD10 million, bringing the capital to JD200 million after the increase. This will be achieved through the distribution of free shares to shareholders at a rate of 5.263% of the retained earnings account, and by amending the articles of incorporation and bylaws to align with the increased capital.
The bank achieved a net profit attributable to shareholders of JD35.3 million in 2023, compared to JD34.6 million in 2022, an increase of 1.94%. The comprehensive profit attributable to shareholders amounted to JD55.4 million in 2023, compared to JD40 million, an increase of 38.7%.
Regarding total income at the end of 2023, it increased by JD18.6 million, or 11.8%, reaching JD176.5 million. Expenses increased by JD19.8 million, including a JD14.3 million increase in provisions distributed across different classification stages.
Mr. Yazid Al Mufti, the Chairman of the Board of Directors, stated that the bank and its branches in Jordan (103 branches), Palestine (22 branches), and Bahrain (1 branch), as well as its subsidiaries in Jordan (Awraq Investments and Tamallak Leasing), and in Palestine (Safa Bank and Al Watanieh Securities Co), have achieved good results. The bank’s assets increased by 5.7% to reach JD3.9 billion, net facilities increased by JD167 million, or 7.9%, reaching JD2.3 billion, and customer deposits increased by JD145 million to reach JD2.6 billion, an increase of 5.9%.
Shareholders’ rights also increased by JD36.4 million to reach JD437.9 million at the end of 2023, while the capital adequacy ratio reached 15.87%, which is higher than the prescribed ratios under the instructions of the Central Bank of Jordan.
Mr. Yazid Al Mufti emphasized that the bank would continue to implement its policies and strategic plan in developing its operations throughout 2024 by maintaining liquidity ratios and credit portfolio quality, in addition to contributing to supporting the local community as part of its social responsibility.
At the end of the meetings, Mr. Yazid Al Mufti expressed his gratitude to the bank’s customers and shareholders for their trust and continuous support, which enabled the bank to achieve these results. He also thanked the bank’s employees and the Central Bank of Jordan for their dedicated efforts and constant support, looking forward to achieving further growth and success in the coming years.