Cairo Amman Bank’s gross profits for the year 2006 totaled JD30.96 million compared to last year's JD44 million. After deductions, the net profit amounted to JD 19.2 million compared to JD 31.5 million for the same period of the previous year.
CAB Chairman, Mr. Khaled Al Masri said that this year's profits are considered a significant achievement for the Bank taking into the consideration the conditions in Palestine, where CAB has a major presence. Due to the circumstances, salaries for public sector employees in Palestine were no longer being transferred as of 2006, therefore CAB allocated approximately JD 9.2 million to be transferred to their clients' credit facilities portfolio.
Al Masri pointed out that the Bank’s operational dynamics continued its growth in 2006. The net profit rose to JD 42.9 million at a rate of 22.6%, compared to JD 35 million in 2005, while the commission revenues have increased by 4.1% to reach JD 9.9 million. Credit facilities portfolio achieved a 14.3% growth reaching JD 503.3 million.
Customers’ deposits also continued to grow by 4.2% compared to 2005 reaching JD 889.4 million.
Based on these results, CAB's Board of Directors made a recommendation to the general assembly to increase the Bank's capital from JD 67.5 million to JD75 million by capitalizing on JD 7.5 million in rounded profits and distributing them as free shares to shareholders at a rate of 11.11%. The Board also recommended distributing a 10% monetary interest to shareholders, which represents JD 6.75 million.
Cairo Amman Bank:
CAB was established on January 14, 1960 as a Jordanian public shareholding company and began its banking services on July 1, 1960. CAB's first branch was launched in Palestine in 1986. The bank is currently ranked 6th in Jordan and 2nd in Palestine with regard to amount of assets. It is also ranked 3rd in Palestine with regard to the number of branches it has.
CAB's branches are equally distributed across the Kingdom and connected through a network that allows clients to complete their financial operations from any of CAB's 65 branches and offices in Jordan and Palestine.
CAB enjoys a solid capital base supported by financial savings and resources. The paid capital in 2005 was JD 67.5 million and shares were at JD 163.3 million.
CAB offers a wide range of banking, commercial, investment and individual services. Throughout the years, the bank conducted a number of pioneering projects such as funding and giving loans to the less fortunate, providing personal loans through transferring salaries in addition to investment services, credit cards and rapid money transfers. All CAB's strategies and plans are created and prepared with one goal in mind: Empowering the Jordanian economy and improving the lives of citizens.
