With Mr. Michel Al Sayegh, Jordan Commercial Bank’s Chairman of the Board and senior bank executives in attendance, a press conference followed by a luncheon was hosted on Saturday November 27, 2004 on the occasion of the bank’s official launch at La Cucina Restaurant in Abdoun.
During the press conference Mr. Al Sayegh said, “The Bank’s Board of Directors, General Manager, and all its employees aim to carry out the bank’s goals in line with the bank’s new vision which we endeavor to implement whereby the Jordan Commercial Bank is developed into a unique bank offering superior services thus allowing it to become one of the leading financial institutions in meeting customer needs, providing first-class banking products and services benchmarked according to the best international practices.”
He further added, “By providing comprehensive, superior corporate and private banking services that is competitively priced, which satisfies our customers different banking requirements, supported by the latest banking technology solutions and excellent delivery channels, we will be able to accomplish our goals of providing an acceptable return to our stakeholders.”
Al Sayegh also announced that the profits of the Jordan Commercial Bank stood at 3.2 million Jordanian Dinars as of 31 October 2004, while the bank posted a loss of 1.4 million Jordanian Dinars during the same period of 2003.
Al Sayegh also announced that the bank’s assets totaled 209 million Jordanian Dinars as of October 31, 2004, which is an 80% increase or 93 million Jordanian Dinars over the previous year. The bank’s deposits also increased by 33% or 31 million Jordanian Dinars from the same period last year reaching a total of 127 million Jordanian Dinars as of October 31, 2004.
The bank’s direct credit facilities increased by 14 million Jordanian Dinars or 20% reaching 83 million Jordanian Dinars compared to 69 million Dinars for 2003.
Total shareholder’s equity stood at 44.3 million Jordanian Dinars which is a 4.3 million Jordanian Dinars increase over the bank’s paid up capital, which translates into a book value of 1.108 dinar per share, bearing in mind that the bank’s current market price, stock per share stands at 2.350 dinars, reflecting the investors’ positive confidence and outlook on the future.
The bank’s regularity liquidity reached 130% while vis-a-vis 100% as required by the Central Bank of Jordan, making it one of the highest ratios in the Jordanian banking sector.
The bank’s capital adequacy stood at approximately 23% which is 11% higher than the guidelines of the Jordan Central Bank stipulating a minimum of 12% ratio, and this reflects a higher protection to the bank’s depositors and shareholder.
ِAl Sayegh reiterated that the results of the first 10 month of this year reflects the successful restructuring of the bank’s strategic direction that included the implementation of a business plan that has clear objectives which satisfies strict banking supervisory standards, competitiveness, and technological applications that serve the bank’s objectives.
He further added, “We are preparing our 2005 business plan which will include the introduction of new unmatched banking products that aim to set us apart qualitatively in the Jordanian banking sector. In addition, we are preparing a plan aimed at rehabilitating our branches in Palestine through a comprehensive reorganization of those branches by training their employees and offering services that meet the requirements of our customers in the Palestinian Territories.”
