(
Sukuk.net - Jordan Times)
Arab Bank shareholders approved on Friday the distribution of JD133.5 million in cash dividends at a rate of 25 per cent.
Last year, the bank distributed JD106.8 million in cash dividends at a rate of 30 per cent.
During a general assembly meeting chaired by Arab Bank Chairman/CEO Abdul Hamid Shoman, shareholders approved the bank's financial statement for 2008.
Shoman said that despite the developments and acute fluctuations in 2008, as a result of the global financial crisis and its repercussions, Arab Bank posted good results and its financial performance was an extension of successes in past years.
"By adhering to longstanding and solid standards in the banking
business, the bank managed to avert the direct negative impact of the crisis," Shoman said.
He indicated that in 2008, the bank diversified its investments, expanded its geographic network, improved its services and opened an Islamic window through one of its operating branches in
Qatar.
The bank will also open another Islamic window in the United Arab Emirates, he pointed out.
Arab Bank Group posted a significant rise in profit to $1.06 billion at the end of last year compared to $946 million at the end of 2007.
The group's financial statement showed a 19 per cent increase in total assets to $45.6 billion at the end of 2008 compared to $38.3 billion at the end of 2007.
Total shareholders' equity rose by 9.5 per cent to $7.5 billion compared to $6.8 billion at the end of 2007.
Credit facilities' portfolio went up to $22.5 billion compared to $19.4 billion, at an increase by 16 per cent.
The bank's deposits increased by 27 per cent, reaching $31.4 billion compared to 24.7 billion, thus reflecting clients' confidence in the bank.
In reply to a question about the drop in the bank's share price, Shoman said prices of different shares declined last year and attributed the regression to psychological factors and speculation.
He said the market was also impacted by stock markets in nearby countries and by world markets.
To conform to the harsh variables in global and regional economies, the chairman indicated that for 2009, Arab Bank's principal plan is different from that of previous years.
Maintaining high rates of liquidity, ensuring capital sufficiency, generating higher return on shareholders' equity and developing capital basis are foremost of the bank's priorities for 2009, he concluded.
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