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INVESTBANK distributes JOD10 Million Dividends to Shareholders for 2016

Date: 
Mon, 04/24/2017

Headed by Board Director Bisher Mohamad Jardaneh, INVESTBANK’s general assembly approved in its 34th ordinary meeting the board’s recommendation to distribute JOD10 million, or 10% of profits in cash dividend, to shareholders for 2016.

The meeting was attended by shareholders who hold 89.78% of the bank’s JOD 100 million capital. In the presence of Nisreen Qashou, Senior Examiner at the Central Bank of Jordan, H.E. MR. Ramzi Nuzha, General Controller of Companies, confirmed the meeting met the legal quorum.

During the meeting, Jardaneh stated that “INVESTBANK continued to achieve distinguished financial results that balance between risk taking and profit. The bank has recorded an 8.6% increase in profit before tax compared to 2015. While net profit after tax increased by 9.1 percent.”

Additionally, INVESTBANK’s capital adequacy ration reached 17.4 % by the end of financial year 2016, which indicates that the bank has achieved more regulatory requirements than those stipulated by the Central Bank and the Basel III.

Jardaneh added that INVESTBANK has managed to embed the standards and principles of control within its culture, which strongly adheres to the principles of good corporate governance. This approach has made INVESTBANK a leader in the banking sector in terms of adhering to the Central Bank’s corporate governance instructions for 2014. To achieve that, the bank has adjusted its board of directors’ and the affiliate committees’ charter accordingly.

As for the bank’s financial indicators for 2016, it has managed to increase its property rights by 5.4%, while returns on property rights reached to 9.7%. The bank has also continued to achieve balanced growth in its credit facilities portfolio and deposits as its assets grew by 12.3% by the end of financial year 2016. Net facilities reached approximately JOD 538.6 million, while net non-performing loans reached 5.7%. This reflects the efficiency of collection and quality of the bank’s credit portfolio. The bank has also managed to maintain high levels of liquidity and expand its client base as customer deposits with cash collateral reached JOD 660.9 million by the end of 2016, an increase of 7.3% year-on-year.

At the end of the meeting, Jardaneh concluded by thanking the bank’s shareholders and clients for their continuous trust and support. He also commended the executive management and members of the board of directors for their dedication and hard work to achieve the targeted results.