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Headed by the Chairman Bisher Mohammad Jardaneh, INVESTBANK’s general assembly approved in its 34th ordinary meeting the board’s recommendation to distribute JOD 10 million, or 10% of profits in cash dividend to shareholders for 2016. Dividend yield equals 6.7% of the share’s price as of December 31, 2016, and an average of 6.2 %for the past six years, bringing the total dividend distributed to shareholders during the last six years to JOD 48 million.
The meeting was attended by those who hold 89.78% of the bank’s JOD 100 million capital, distributed in 32.88% to shareholders, and 56.9% to authorized signatories. 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 a 9.1% increase in profit after tax compared to 2015, while net profit after tax increased to JOD15.6 million. Additionally, the bank’s assets grew by 12.3% to reach JOD950 million, as the net credit facilities increased by 19%, reaching JOD 539 million. Customer deposits and cash collateral reached JOD 661 million, recording an increase of 7.3% year-on-year.”
Additionally, INVESTBANK’s capital adequacy ratio reached 17.4% by the end of financial year 2016, which indicates that the bank continues to achieve 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 implemented by public shareholding companies, and banks in particular, making it a leader in the banking sector. To achieve that, the bank has adjusted its board of directors’ and the affiliate committees’ charter accordingly.
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.
