Bank of Jordan's General Assembly held its ordinary meeting on April 17th, 2017 chaired by Board Chairman Shaker Fakhouri. The Assembly approved the 2016 financial statements and the distribution of cash dividends of 18% of the stock nominal value (equal to JD36 million).
The decision followed the announcement of BoJ business and financial results for 2016, which showed that net profit attributable to shareholders amounted to JD41.4 million, up 1.4% from 2015. Assets rose by 6% to JD2,338.8 million, and shareholder equity increased by 11.9% to JD405.4 million. Total income for the year stood at JD127.4 million, according to the statements. It is worth noting that the operating income was the biggest contributor to total income: net interest and commission income alone made up 91.2% of the total. Total customer deposits, on the other hand, went up 2.7% year-on-year to JD1,606.9 million. In the meantime, the credit portfolio (net) saw a rise of 7.3% settling at JD1,226 in 2016.
Key financial indicators also came in positive in 2016, with the capital adequacy ratio hitting 20.82% - higher than the 12% and the 8.625% minimum set by the CBJ and Basel Committee III respectively. Non-performing facilities to total facilities (net interest in suspense) went down to 4.59% at the end of 2016 against 5.94% a year earlier, revealed the figures. Added to that, the coverage ratio of provisions for non-performing loans (net of interest in suspense and cash margins) stood at 112.2% against 101.2% in 2015. At the same time, the legal liquidity ratio of Bank of Jordan Group reached 127.25% at the end of 2016 – also exceeding the minimum legal requirements.
At the end of the meeting, Fakhouri extended thanks and appreciation to Board members for their strenuous efforts and continued support for the management. The Chairman also thanked customers and shareholders for their confidence and support. Fakhouri also acknowledged the and invaluable support of public institutions, chiefly the CBJ, Jordan Securities Commission, the Ministry of Industry and Trade – under the directives of His Majesty King Abdullah II.