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TIIB Ordinary and Extraordinary General Assembly Convenes 2016

Wednesday, 26 July, 2017

 

TIIB has announced its 2016 revenue reaching 29.287 million Y.R. compared to last year's  which is 27.028   showing an increase of 2.259 million Y.R  and 8% growth rate 

Moreover, 2016 expenses and other allocations and costs totaled 10.095 million Y.R while it was 17.561 million Y.R. in the previous year, making a decrease by an amount 7.466 million Y.R. an a percentage of 43%. due to the decrease in the finance allocations and some losses in foreign investments achieved by TIIB during 2015, as stated by TIIB's Board of Directors Chairman Mr. Abdulgabbar Hayil Saeed in his keynote speech at the Ordinary and Extraordinary General Assembly Convention held this morning in the capital city of Sana’a.

He further explained that the profits of investment depositors and savers totaled 12.048 million Y.R. by the end of 2016, compared to 12.696 million Y.R. for 2015, showing a decrease by an amount of  648 million Y.R.  (5%) making the net profit after taxation 6.357 million Y.R., 7 million of which belongs to the non-controlling shareholders. This compensated the losses over the previous years (3.246 million Y.R.) as well as the losses in the equity value (255 million). The profits do not include the legal reserve which is the amount of 953 million Y.R.

The General Assembly approved the Board of Director’s suggestion to distribute the profits to the shareholders with a rate of 10% with  a total amount of 2.000 million Y.R.

The Chairman of the Board of Directors noted that despite the exacerbating economic conditions due to the events that are still ongoing since 2015, TIIB has been able to cope with the changing environment proactively, effectively and resiliently, thanks to Allah. This resilience is the pillar of the Bank’s business growth during 2016, he emphasized.

The Chairman explained that the contingency plan is still applied and that business is being run according to a preplanned operating budget to manage potential emergency events. However, the Bank has launched a number of development projects that take into consideration the crisis in the country and the business continuity objectives in the worst potential scenarios.

He elaborated that TIIB introduced a number of products, services and development projects which can be provided even in times of crisis so that business continuity is ensured. Such projects include the study, evaluation, and handling of all operational, market, and financial risks by creating a risk department as a central component of the Bank.
  
Other financial results revealed a 1% growth in TIIB's Unified Budget over 2016  hitting the mark of 501.701 billion Y.R. compared to 499.032 billion Y.R. in 2015, an increase by 2.669 million Y.R. The non-budgetary accounts totaled 18.602 million Y.R. compared to 24.278 million Y.R. during the previous year, a decrease by 23%.  

On the other hand, the 2016 balances of depositors amounted to 415.841 million Y.R. compared to 431.623 million Y.R. during 2015, which reflects a 4% decrease. 
 
Furthermore, the net investments and finances were estimated at 335.566 million Y.R. by the end of 2016 while they were 340.756 million Y.R. in 2015, showing a decrease by an amount of 5.190 million Y.R.  (2%). 
 
The General Assembly also reviewed and approved the Board of Director’s Report on the TIIB activities for the fiscal year ending on Dec. 31, 2016. They also discussed and approved the Bank’s financial statements and audit report. Moreover, the General Assembly heard the Sharia Audit Board’s report, approved the disclosures of the Board of Director’s members, and authorized the Board to nominate the 2017 auditor.

 

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