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Bank of Jordan holds Annual General Assembly Meeting and approves distribution of 18% cash dividends worth JD36 million

Date: 03/04/2022

(Amman, Jordan - March 2022): Bank of Jordan held its Ordinary General Assembly of shareholders on March 31, 2022, headed the Chairman of the Board of Directors, Shaker Tawfiq Fakhouri. Held via video conference, it was attended by shareholders in person or by proxy, constituting ……..% 75.419% of the capital. During the meeting, the general assembly approved the recommendation of the Board of Directors of the Bank of Jordan to distribute cash dividends to shareholders at the rate of 18% for the year 2021, worth a total of JD36 million.

On the occasion, Mr. Fakhouri stated that the bank was able to maintain good results, due to its comprehensive strategy that aims to achieve sustainable performance at all levels, in line with fluctuations in the business environment, based on the robustness of its basic banking operations, its operational efficiency, the integrity and quality of its credit and investment portfolios, as well as its prudent risk management. The bank achieved a net profit attributable to shareholders after taxes and provisions of JD36 million, compared to JD35.8 million for the year 2020, a growth of 0.6%.

When reviewing the bank’s performance for the year 2021, Mr. Fakhouri specified that it recorded a growth in shareholders’ equity by 4.1% at the end of 2021 compared to 2020, to reach JD473.4 million, with a return on average shareholders’ equity of 7.8%, while the capital adequacy ratio reached 19.2%, indicating the strength of the bank's financial position and its capital base. The bank maintained the quality of its assets, which amounted to JD2.7 billion, with a return on average assets until the end of the year at 1.3%. Its net credit facilities portfolio grew by JD19.4 million (at amortized cost) to reach JD1.5 billion, with coverage of more than 100% of non-performing facilities. Customer deposits amounted to JD1.9 billion, consistent with the previous year 2020.

Mr. Fakhouri added that the bank continues to implement a business model focused on growth, expansion into new markets and upgrades to its digital services. Today, Bank of Jordan maintains a presence in Palestine, Syria and Bahrain, and a branch will open in Iraq during the second half of the year 2022. The bank is currently studying further opportunities for growth and expansion in the Arab region, particularly in countries that are witnessing rapid economic growth.

Bank of Jordan has successfully completed a number of strategic projects and initiatives during 2021. Further, the bank strives to exceed the expectations of its customers and provide them with a full range of services, products, and solutions, through various channels including advanced digital ones.  

Mr. Shaker Fakhouri expressed his gratitude and appreciation to the members of the Board of Directors for their support which helped the bank achieve its prestigious status, to shareholders and customers for their continuous trust in the Bank of Jordan Corporation, and to the bank’s employees for their efforts in providing the highest level of services to customers. He also thanked all national institutions, led by the Central Bank of Jordan and the Ministry of Industry and Trade, for their role in supporting the economic sectors, under the leadership of His Majesty King Abdullah II, may God protect him.