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The General Assembly Approves the Distribution of Dividends Equal to 10% of Capital and Elects a New Board of Directors

Tuesday, April 26, 2022

INVESTBANK Honors Chairman Bisher Jardaneh for 15 Years of Service

The Bank’s Net Profits After Tax Total JD18 million in 2021

INVESTBANK’s annual ordinary General Assembly meeting, headed virtually by the Chairman Bisher Jardaneh, approved a recommendation by the Board of Directors to distribute JD10 million in cash dividends to shareholders at a rate of 10% of capital.

During the meeting, which was attended by the members of the Board of Directors, CEO Muntaser Dawwas as well as shareholders who hold shares amounting to more than 92% of the bank’s capital, the Board of Directors’ report was reviewed, as were the bank’s financial statements for 2021. Also during the meeting, executive team members outlined the bank’s future plans, which focus on further developing electronic banking services and modernizing systems and banking operations, all of which will have a positive impact on customers by raising security levels, reducing risks and increasing efficiency.

In his speech, Jardaneh said that the bank continued growing its business, which was positively reflected on its financial performance, with the bank’s net profits after tax amounting to JD18 million in 2021, compared to JD6 million in 2020, while pre-tax profits amounted to JD28 million in 2021, compared to JD7.9 million in 2020. Jardaneh also pointed out that these achievements were in parallel with the bank’s strategy of setting aside precautionary allocations to counter the effects of the economic challenges brought about by the coronavirus pandemic, protecting against potential future losses that may result from direct credit facilities.

Also during the meeting, the General Assembly elected a new Board of Directors to a four-year term.  The outgoing Board of Directors recognized Jardaneh’s 15 years of service, excellence and efforts at INVESTBANK. The board highlighted the pivotal role played by Jardaneh, his extraordinary work ethic and his guidance, which contributed to the bank’s leading position today. During his tenure, the bank’s capital base doubled between 2008 and 2021, and witnessed a growth in profits of 18% annually.

The Board of Directors also highlighted Jardaneh’s extensive experience, which he wielded in service of the bank, allowing it to advance its business and implement the board’s strategic objectives in order to meet the unique needs of its corporate and individual clients. Under Jardaneh’s leadership, the bank was also able to diversify its sources of income through its core business as well as through acquisitions and subsidiaries (that also provide Islamic financing for multiple products), which furthered the efficiency of the bank’s operations. This led to outstanding results despite the many challenges faced by the national economy.

The Board of Directors added that the executive management team worked on implementing the directives of the board with skill, keeping pace with the rapid developments in the global banking sector, transforming the bank into the country’s premier provider of innovative banking solutions. The bank is a leader in the credit card market, offers bespoke services to high-income clients, and champions SMEs. The bank is also renowned for its provision of the highest global standards of security, offering its clients, both corporate and individual, a rich and secure experience, using its financial resources and capital in order to efficiently manage its operations.

During Jardaneh's 15-year tenure, INVESTBANK has been recognized with numerous awards, which are an acknowledgement of its continuous efforts to offer clients advanced and highly reliable services, as well as its unwavering commitment to digital transformation.

INVESTBANK Board of Directors, members of the executive management team and the bank’s employees offered Jardaneh their best wishes for continued success.

At the meeting, Jardaneh spoke of his happiness at INVESTBANK’s financial strength, its stellar performance, reliable customer service, solid corporate governance framework, and efficient control and monitoring systems, all of which operate in accordance with international best practices. He also recognized the executive management team for its performance and commitment to the established values and institutional culture. Jardaneh went on to thank the Central Bank of Jordan for its genuine partnership over the past years, as well as the board, the bank’s senior shareholders, going on to wish the new Board of Directors and Chairman Fahmi Abu Khadra success.