Amman – The General Assembly of Bank ABC Jordan (Arab Banking Corporation -Jordan) held its ordinary annual meeting for 2018, in addition to its extraordinary meeting for 2018 on Sunday 29/4/2018 under the chairmanship of H.E. Mr. Sael Al Waary, the Chairman of the Board of Directors. The meetings were attended by the members of the Board of Directors, Mrs. Simona Sabella Bishouty, the General Manager of the Bank, the representative of the Companies Controller, the auditors, Deloitte & Touche, Ernst & Young and the representative of the Central Bank of Jordan, in addition to shareholders holding (91.09%) of the Bank's capital.
At the Ordinary General Assembly Meeting, the Chairman presented an overview of the Bank's business results and achievements during 2017 and the General Assembly reviewed and approved the Board of Directors' annual report for the 2017 fiscal year and the Bank's business plan for 2018. The General Assembly also approved the consolidated statement of financial position, profit and loss account, consolidated statement of income, consolidated statement of changes in equity and consolidated statement of cash flows as at 31st of December 2017. The meeting included the election of a Board of Directors for the next 4-year term (2018 - 2022), as well as the appointment of Deloitte & Touche as Auditors for the Bank for the fiscal year 2018. The General Assembly also approved the distribution of cash dividends of 5% of the paid-up capital.
This was followed by an extraordinary meeting of the General Assembly, in which it approved the amendment of article (43) of the Bank's articles of association and the addition of an objective to article (3 / b) of the Bank's articles of incorporation and article (5 / b) of the Bank's articles of association.
The financial results indicate that the Bank's profits before tax (PBT) reached JD 19.4 million, while net shareholders' equity increased to JD 160 million and total assets reached JD 1.1 billion. The return on assets reached 1.2%, while return on shareholders' equity reached 8.2%. The capital adequacy ratio reached 18.88% and earnings per share (EPR) reached 118 fils; or 11.8% of the share's nominal value.
According to H.E. the Chairman of the Board of Directors, during the previous year, Bank ABC Jordan managed to reduce the impact and challenges of the difficult economic conditions in the region due to the Bank's prudent policy towards all types of risks. The Bank also managed to continue implementing its strategic plan of enhancing its sources of financing, diversifying its banking services package and offering innovative products, the most recent of which were the digital banking services (ABC Digital(.
It is worth mentioning that Bank ABC Jordan is a member of ABC Group which is headquartered in Bahrain and has branches spread across the world. ABC Bank is one of the region's leading banks and offers its clients an innovative range of financial products and services; including corporate banking, international trade finance, project and structured finance, syndications, treasury products, capital markets and Islamic banking products. The Bank also provides retail banking services through its network of banks in Jordan, Egypt, Tunisia and Algeria.