jordan pulse -
It was decided to distribute cash dividends to shareholders at a rate of 7%, and it was decided to increase the extraordinary capital by distributing free shares to shareholders at a rate of 5.263%.
The General Assembly of Cairo Amman Bank shareholders approved the data in its regular meeting held on Wednesday, April 3, 2024, via video and electronic communication. The fiscal year 2023 and all agenda items, including the distribution of cash dividends to the bank’s shareholders at a rate of 7%.
The General Assembly of Cairo Amman Bank shareholders also agreed, in its extraordinary meeting held on Wednesday, April 3, 2024, via video and electronic communication, to increase the bank’s capital by an amount of 10 million dinars, so that the capital becomes 200 million dinars after the increase, by distributing free shares to shareholders including 5.263% of the retained earnings account, and amending the memorandum and articles of association in accordance with the capital increase.
The bank achieved net profits attributable to the bank’s shareholders of 35.3 million dinars in 2023, compared to 34.6 million dinars in 2022, an increase of 1.94%, while the comprehensive profit attributable to the bank’s shareholders amounted to 55.4 million dinars, compared to 40 million dinars, an increase of 38.7%.
With regard to total income, as at the end of 2023, it increased by 18.6 million dinars, or 11.8%, to reach 176.5 million dinars. Expenses also increased by 19.8 million dinars, of which 14.3 million dinars was an increase in allocations, which were distributed over the various stages of classification.
Mr. Yazid Al-Mufti, Chairman of the Board of Directors, stated that the bank and its branches spread across Jordan, which number 103 branches, Palestine, which number 22 branches, and Bahrain, one branch, in addition to its subsidiaries in Jordan, Awaraq Investment Company, Tamalak Company for Financial Leasing, and in Palestine, Al-Safa Bank and the National Securities Company. He was able to achieve good results, as the bank’s assets increased by 5.7% to reach 3.9 billion dinars, and the bank’s net facilities increased by 167 million dinars by 7.9% to reach 2.3 billion dinars, and customer deposits increased by 145 million dinars to reach 2.6 billion dinars. An increase of 5.9%.
The equity of the bank’s shareholders also increased by 36.4 million dinars, reaching 437.9 million dinars at the end of 2023, while the capital adequacy ratio reached 15.87%, which is higher than the ratios stipulated in accordance with the instructions of the Central Bank of Jordan.
Mr. Yazid Al-Mufti noted that the bank will continue during the year 2024 to implement its policies and strategic plan to develop its business by maintaining liquidity ratios and the quality of the credit portfolio, in addition to contributing to supporting the local community as part of the bank’s social responsibility.
At the end of the two meetings, Mr. Yazid Al-Mufti thanked the bank’s customers and shareholders for their trust and continued support, which enabled the bank to achieve these results, and to the bank’s employees and the Central Bank of Jordan for its sincere efforts and constant support, looking forward to achieving more growth and success in the coming years.