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INVESTBANK Elects New Board and Announces High Growth Rate

Date: 
Tue, 04/12/2011

INVESTBANK held the ordinary and extraordinary meeting of its Annual General Assembly at King Hussein Club on April 27, 2011.

During the meeting, the General Assembly endorsed the financial statements, final accounts and auditors’ report for the year ending December 31, 2010.

Moreover, the meeting witnessed the election of a new Board of Directors for the Bank, which consists of the following members: Madaba Financial Investments Company, Ms. Wijdan Talhouni, Dr. Nabil Qaddumi, Dr. Mohammad Al-Tal, Raouf Abu Jaber & Sons Company, Abdul Rahim & Sons Company (two seats), Mr. Abdul Rahim Jardaneh, Dr. Foti Khamis, Bank of Palestine P.L.C, in addition to Mr. Fahmi Abu Khadra.

Mr. Bisher Jardaneh, chairman of the Board, underlined at the beginning of the meeting the financial results achieved for the year 2010, according to which shareholders equity reached JD107 million, compared to JD93 million in 2009 at a growth rate of 15%.

Meanwhile, the total income reached up to JD34.89 million, compared to JD21.42 million in 2009, an increase of 63%, achieving a net profit of JD10.9 million after tax.

The volume of credit facilities jumped up to JD374 million, compared to JD315 million in 2009, while customer deposits were JD449 million, compared with JD478 million in 2009. The capital adequacy ratio reached 16.64%, compared to the ratio required according to the instructions of the Central Bank of Jordan, is 12%, and according to the Basel Committee 8%.

During his address, Jardaneh tackled the main achievement the Bank has recently accomplished which is a stable classification of the INVESTBANK’s long-term foreign currency (B) and (BB), respectively, and the strength of the financial rating of the bank is (BB+).

Other achievements included the launch of the new core banking system, the opening of Mecca Street branch and the expected relocation of the headquarters in the second quarter of 2011.

Meanwhile, during the extraordinary meeting of the General Assembly the shareholders rejected a recommendation by the Board of Directors to distribute bonus shares by 10% of the paid-up capital through the capitalization of profits and retained earnings of JD7.75 million (seven million, seven hundred and fifty thousand dinars).

In conclusion, Jardaneh thanked the INVESTBANK’s shareholders, clients, employees for their professional commitment and real support to the Bank’s progress and course of development, which enjoys the confidence of each and every one of this family, who are credited for the success of the bank.

He also thanked the Central Bank of Jordan, Ministry of Finance, and all other local institutions for their efforts and active role in supporting the national economy under the wise leadership of His Majesty King Abdullah II, may God protect him.

The new Board of Directors held a meeting where Mr. Bisher Jardaneh was re-elected Chairman of the Board, representing Abdul Rahim Jardaneh & Sons. The Board also elected Mr. Ziad Abu Jaber, the representative of the Raouf Abu Jaber & Sons Company Deputy Chairman of the Board.

In addition, the Board also decided to speed up in the convening of an extraordinary meeting for the general assembly during the next month to take necessary decisions for the purposes of increasing the Bank’s capital to one hundred million Jordanian Dinars, according to the requirements of the Central Bank of Jordan.