The General Assembly of Bank of Jordan approves a cash dividend of 18%
JD 41.5 million Bank of Jordan profit
(Amman - May 2019) The General Assembly of Bank of Jordan held its ordinary meeting on Saturday 4 May 2019, under the chairmanship of Shaker Fakhouri, Chairman of the Board. During the meeting, the General Assembly approved the financial statements of the Bank for 2018 and approved the distribution of cash dividend of 18% of the nominal value of JD 36 million.
The decision came after the Chairman of the Board of Directors of Bank of Jordan, Shaker Fakhouri, announced the results of the Bank's financial statements for 2018, which showed a net profit of JD 41.5 million for the year 2018. The Bank's net income from interest and commissions reached JD 135.3 million, a 6.4% increase compared to 2017. The Bank has maintained high performance levels in the return on average assets Index of 1.6% and the Bank's return on average shareholders’ equity of 9.82% for 2018, one of the best indicators in the Jordanian banking sector.
Most of the financial position items achieved a positive performance at the end of 2018. Customer deposits reached JD 1.9 billion and the bank's legal liquidity ratio was 118.57%. Credit facilities increased by JD 1.47 billion (net). In terms of assets, the bank recorded JD 2.6 billion and shareholders' equity of
JD 411.9 million. The capital adequacy ratio was 16.81%. The coverage ratio of provisions for non-performing loans was 109%, one of the highest in the Jordanian banking sector.
The Bank has worked to sustain the positive results that have ensued from hard work at all levels of management and technology over the past years. In order to implement the Bank's vision and strategic plans to expand its regional reach, the bank aimed to diversify into the Iraqi market in 2019 and obtained the approval of the Central Bank of Jordan. The Bank also aims to upgrade its products and services to customers through a unique experience and a variety of channels to be a partner in the business process and development. And to continue to maintain advanced performance rates to enhance its competitive position in the countries in which it operates.
At the end of his speech, Mr. Fakhoury thanked the shareholders, the Board of Directors and the Bank's customers for their trust and support, and the Bank's management team and staff for their continued efforts to achieve these accomplishments. He thanked all national institutions, especially the Central Bank of Jordan and the Ministry of Industry and Trade for their role in supporting economic sectors under His Majesty King Abdullah II Bin Al Hussein.