(Amman – May 2020) Bank of Jordan’s ordinary General Assembly approved the Bank’s 2019 financial statements during a virtual meeting held on Sunday, May 10th, 2020. Shareholders who own 71.24% of the Bank’s total joined the telemeeting, chaired by Board Chairman Shaker Fakhouri.

The approval came after Shaker Fakhouri, Chairman of the Board of Directors, announced BoJ’s financial results for 2019. The figures revealed that net profit attributable to shareholders stood at JD40.2 million. Net interest and commission income, meanwhile, reached JD140.1 million, up 3.5% from 2018. The Bank also succeeded in keeping a high average annual return on asset and on shareholder’s equity: 1.52% 9.72%, respectively – among the highest ratios in the local banking sector - according to the official figures.

Additionally, most elements on the balance sheet saw positive performance last year: customer deposits rose by 2.7% year-on-year to JD1.9 billion, while the legal liquidity ratio for Bank of Jordan Group reached 138.6%. The net credit portfolio, on the other hand, stood at JD1.4 billion. Assets, in the meantime, reached JD2.7 billion and shareholder’s equity stood at JD414.3 million.

The statements also showed that the capital adequacy ratio exceeded the regulatory requirements for 2019 as it stood at 17.07%. The coverage ratio of provisions for non-performing loans (net interest in suspense and cash margin) stood at around 100% - among the highest locally.

Shaker Fakhouri, Chairman of the Board of Directors reassured in the meeting that Bank of Jordan enjoys a solid financial position reflected in its high capital adequacy ratios and the ability to properly manage assets. “Against the backdrop of the raging COVID 19 pandemic, Bank of Jordan will continue to improve products and services to all customers and embrace recent innovations in fintech,” he said.

“The Board is keeping a close eye on Novel Coronavirus developments and is examining its impact on the Bank’s operations,” noted the Chairman, adding that the Bank has been and will undoubtedly be affected by the economic fallout from COVID 19. Fakhouri also told the general assembly that stress tests were performed, and confirmed the Bank’s resilience to liquidity pressures under severely adverse economic scenarios.

As for managing the crisis, the Chairman stressed the Bank is keen to alleviate the Pandemic’s impact on shareholder’s equity. Thus, the Bank is expediting the implementation of strategic projects - specifically those related to enhancing digital services with minimal need for physical presence - and streamlining procedures, said the official. Services will be available 24/7, he noted, adding that the Bank will press ahead with its regional expansion strategy.

At the end of the meeting, Mr. Fakhouri thanked the board for their relentless support throughout the year, and the shareholders and customers for their trust and commitment. He also thanked the executive management and the staff who have largely contributed to these achievements. The chairman also hailed national efforts, championed by the Central Bank of Jordan, and the Ministry of Industry and Trade. He also commended the efforts of various agencies and sectors across the Kingdom in fighting the spread of the Coronavirus – guided by His Majesty King Abdullah II Ben Al-Hussein.