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Tadhamon International Islamic Bank: Over YER 25 billion revenues in 2017

Monday, 13 August, 2018

 

Tadhamon International Islamic Bank announced revenue decrease of 14% as YER25,044 million in 2017 comparing to YER 29,287 million in 2016 with a difference of YER4,243 million. The net profit for the year 2017 after deducting expenses, allocations, and taxes is YER1,601 million. 
 
The Chairman of the Board of Directors, Abdul-Jabbar Hael Saeed Anam, said in the General Assembly meetings that the bank, despite the continuous crisis in the country which have made a significant influence on the economic sector in general and the banking sector in particular, the Bank continues to contribute in the advancement of the economy and community service.
 
He added “Although the Bank continues to work under emergency plans, the bank has strengthened its strategic direction of survival, targeting the available revenue opportunities, maintaining the Bank's financial position and thus continuing to provide services to its clients.”
 
He pointed out that the Bank associated by its strategic vision to launch a series of development projects under the crisis circumstances in the country to ensure business continuity and development under the worst conditions. A large number of projects were also launched to develop internal mechanisms that enhance the performance and efficiency of the Bank, The project of activating the system of electronic archiving of documents in the branches and the general administration, including the most important requirements for continuity of business in all circumstances, as well as facilitate access to these documents when needed.
 
With regards to the development of human cadres and upgrading the level of qualification to interact professionally in order to achieve strategic service, 135 training programs were implemented for about 1400 participants in various training programs, mostly in providing service and upgrading the efficiency of banking, as well as raising awareness and sense of banking compliance for public administration staff and branches.
 
The Chairman of the Board pointed out that in order to reach wider segments of the target customers to enhance the financial coverage, a work plan was developed to open new centers and service points in geographical locations where the bank was not located and in locations where other banks do not exist to deal with the banking sector, as well as to facilitate the access of organizations working to fight poverty to reach their targets.
 
He pointed out that the mechanism of access to the current customers and targets in the bank and raising the level of service were not only physical presence in some locations, but also enhanced access to them through various services and electronic cards .A contract was signed with good companies providing credit card services and activation of prepaid card services, while enhancing the mechanisms of protecting the dealing with these cards by activating the 3 Secure service for the first time in Yemen. A new group of sites such as Abs, Al Brega, Bagel, Aldomnah and etc where a large segment of customers are unable to easily access the bank's sites. 

He pointed out that the bank, as a result of the low level of income and vacancies  has reduced its expenses in a manner that did not affect the efficiency and effectiveness of production and continued to provide banking services to all customers of the banking sector in the affected areas in light of the decline of the presence of some local banks.

With regard to the social responsibility of the bank, the Chairman of the Board has indicated that the Bank has started implementing the Brave project in partnership with the Islamic Development Bank and the Social Fund in the first phase to enhance the resilience of small and medium-sized enterprises that have been stalled by the crisis in the country in a systematic rescue program with a budget up to $ 2 million in the first project phase, In order to contribute to the implementation of relief programs and to deliver these organizations and their assistance to their targets through the network of banking services.
 
The results of the consolidated financial statements for the ended year 31 December 2017 revealed that the total consolidated budget amounted to YER 489.749 million at the end of 2017 compared to YER 501.701 million at the end of 2016 with a decrease of YER 11.952 million with a percentage of approximately 2%, and the Extra - budgetary account amounted to YER 19,737 million compared to YER 18,602 million for the previous year 2016, an increase of 6%.
On the other hand, the balances of deposits and accounts of customers decreased by the end of 2017 to YER 389,879 million compared to YER 415,841 million at the end of 2016 with a decrease of YER 25.962 million with a percentage of 6%.
 
In terms of investments and financing, net investments and financing at the end of 2017 amounted to YER 299,362 million compared to YER 335,566 million in 2016, a decrease of YER 36,204 million with a percentage of 11%.
 
The bank also distributed dividends rates for depositors in 2017 with the amount of YER 10,787 Million compared to YER 12,048 million in 2016, a decrease of YER 1,261 million with a percentage of 10%.
 
At the end of the meeting, the Assembly approved the report of the Chairman of the Board of Directors on the ended financial statements 31 December 2017 and on the report of the Chartered Accountant and the report of the Shari'a Supervisory authority.

 

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