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INVESTBANK’s Annual General Assembly Announces JOD 25 Million in Net Profits and Approves 10% Distribution of Cash Dividends to Shareholders

Wednesday, April 24, 2024

INVESTBANK held its annual General Assembly meeting, led by Chairman Fahmi Abu Khadra and attended by several members of the Board of Directors, including INVESTBANK’s CEO, Muntaser Dawwas. During the meeting, the board approved the distribution of 10% cash dividends of the bank’s capital to shareholders, totaling JOD 10 million.

The General Assembly, comprising of shareholders who constitute approximately 90% of the bank’s capital and the Companies General Controller, Dr. Wael Al-Armouti, approved the Board of Directors’ report, the bank’s financial statements for the year 2023, and its plan for 2024.

During the meeting, Abu Khadra stated, “INVESTBANK achieved outstanding financial results by the end of 2023, with strong growth across all financial indicators. Net profits reached JOD 25 million, while pre-tax profits rose to JOD 33.2 million. Net credit facilities granted by the bank to individual and corporate clients at the end of the previous year amounted to JOD 1.1 billion, compared to JOD 850 million at the end of 2022, marking a 25% increase. Additionally, assets grew by 27%, reaching JOD 1.8 billion compared to JOD 1.4 billion at the end of 2022.”

Customer deposits also witnessed an increase of 35%, exceeding JOD 1.2 billion, compared to JOD 918 million at the end of 2022.

Abu Khadra highlighted INVESTBANK’s focus on implementing key pillars outlined in the bank’s strategy, including responding to evolving customer needs, ensuring long-term competitiveness, continuous improvement of operational efficiency, fulfilling its responsibilities towards the community through adopting a sustainable business strategy, and making fundamental changes to the bank’s culture.

Abu Khadra also emphasized INVESTBANK’s efforts throughout 2023 to position itself as a specialized bank offering tailored banking services to its target client base. This included ongoing efforts to strengthen its subsidiaries, enhance its electronic payment services provider, and strengthen and develop its services offered through internal credit facilities to individuals and companies.

Regarding the bank’s future plans, Abu Khadra stated, “The bank remains committed to achieving its strategic plans, focusing on strengthening its financial position, comprehensive risk management, and delivering sustainable returns through providing digital solutions that support our priorities in the upcoming phases.”

Abu Khadra reiterated the bank’s commitment to furthering digital transformation, particularly in automating internal processes to create an advanced work environment that optimizes resource utilization, reduces operating expenses, and achieves better efficiency and productivity. Additionally, the bank seeks to strengthen its position in the local market and expand in payment services, serving high net-worth clients, and wealth management by building a robust customer base to reach its target market, leveraging the sophisticated infrastructure it has developed in years.