Based on the provisions of the Companies Law in force and relevant instructions, the general assembly of Bank ABC Jordan (Arab Banking Corporation – Jordan) held its ordinary annual general meeting for 2025 on Sunday, 27 April 2025, virtually.
The meeting was chaired by the Chairman of the Board of Directors, Mr. Sael Fayez Al Waary, and attended by members of the Board of Directors, the General Manager of the Bank, Mr. George Farah Sofia, the Companies Controller, H.E. Dr. Wael AL Armouti, the auditors Ernst & Young, a representative of the Central Bank of Jordan and shareholders representing (89.71%) of the Bank’s capital.
During the meeting, all items on the agenda were approved, including the Board of Directors' annual report for the fiscal year 2024, the Bank’s action plan for 2025, the auditor’s report for the fiscal year 2024, the statement of financial position and the statement of profit and loss as of 31/12/2024. The assembly also approved the appointment of Ernst & Young as the Bank’s auditors for the fiscal year 2025 and the appointment of Mr. Amr Tharwat Ali Aboelella, representing Varner Holdings Limited, as a non-independent member of the Board of Directors of Arab Banking Corporation (Jordan), effective 8 May 2024. The general assembly also approved the discharge of the Board of Directors from liability for its activities in 2024.
On this occasion, the Chairman of the Board of Directors, Mr. Sael Fayez Al Waary, stated that, Bank ABC Jordan delivered solid financial performance during 2024, maintaining its strong financial position, with the capital adequacy ratio reaching 17.16% and the financial leverage ratio at 9.68%, exceeding the Central Bank of Jordan’s regulatory requirements. The Bank’s total assets reached JD1.38 billion, while shareholders’ equity reached JD164 million compared to JD165 million in 2023. Return on equity was 1.13% and return on assets was 0.13%.
Mr. Al Waary added that customer deposits grew by 4% to JD912 million by the end of 2024, with current and savings accounts representing 12.68% of total deposits. This reflects strong customer trust and loyalty towards the Bank. This growth helped maintain a healthy liquidity ratio of 118.4% at the end of 2024, while net profit after tax amounted to JD1.9 million.
He also affirmed the Bank’s ongoing implementation of its digital transformation strategy to keep pace with rapid technological advancements and provide faster and more accessible banking services. Through its “ila” app, the Bank launched a range of new products and services tailored to meet customers’ needs while maintaining a balanced approach to portfolio growth and risk management.
On his part, the Bank’s General Manager, Mr. George Farah Sofia, emphasized that the financial results for 2024 confirm the Bank’s steady journey towards achieving sustainable growth. Mr. Sofia noted that total income reached JD43.4 million, while the net credit facilities portfolio increased by 0.5% to JD767 million, compared to JD763 million in the previous year. Mr. Sofia also highlighted the Bank’s ongoing efforts to allocate provisions in line with market developments, ensuring adequate and compliant coverage levels in accordance with the requirements of the Central Bank of Jordan.