CAC Bank Achieved YER 1.177 Billion in 2009

5/15/2010 12:00:00 AM

The Cooperative and Agricultural Credit Bank (CAC Bank) made a profit during the year of 2009 amounting to YER 1.177 billion bringing the return on equity to 12%.

During the meeting of the general assembly headed by Mr. Mansour Al-Haoshabi - Minister of Agriculture and Irrigation and attended by Mr. Hafedh Meayad – Chairman Board of Directors of CAC Bank, the report issued by the Bank's management stated that the audited financial statements during the fiscal year ended 31/12/2009 were fair in all core aspects and correspond to the International Financial Reporting Standards and in accordance to the Yemeni laws and regulations, as well as they were conventional with the provisions of the Law of Establishing the Bank and the instructions of the Central Bank of Yemen.

Throughout the meeting attended by General Assembly members, members of Board of Directors and Executive Management, the General Assembly of the Bank approved the financial statements for the year 2009 as well as raising the capital of the Bank to YER 9 billion. The members of the General Assembly also praised the outstanding performance of the Executive Management and all the Banks’ workforce despite the competition circumstances experienced by the Bank. They affirmed that the bank maintained its dominance within the banking sector, and this can be seen by the reports of all concerned parties, specialists and researchers and reports issued by the Central Bank of Yemen. They declared that the bank is ranked second in the banking sector as total assets reached to YER 223 billion with growth rate of 24% and CAC Bank participated in 34% in the growth banking sector as a whole. Also, Customer deposits increased to YER 206 billion with a growth rate of 23% compared to the last year and our contribution in the growth of the banking sector become 39% of the growth achieved by the banks. According to the Central Bank of Yemen report of 2009, we are ranked the second among the Yemeni banks including Islamic banks.

This remarkable increase in the achieved net profit is an inevitable result of the efforts made during the year 2009 and its presentation of modern products and services of high quality and efficiency that are compatible with the latest technological developments as well as the Bank's acquisition of the latest advanced systems offered to its customers via branches distributed throughout the governorates of Yemen.

Also in 2009 CAC bank was awarded the Investment Prize as the best Bank in Yemen which is a recognition to the bank of its remarkable developments witnessed by the bank as well as its height successes and expansion through the largest network of branches in Yemen and the largest network of ATMs compared to competitor banks.

Taking the opportunity of the meeting and on the occasion of the 20th anniversary celebrations of the united of the country, members of the bank's general assembly extended their congratulations to the leadership of the country represented by His Excellency President Ali Abdullah Saleh and esteemed the support of His Excellency and the leadership of the Government to the Bank's orientations and policies aimed to achieve pioneering by providing the best technological services to all classes of society.

Furthermore, the meeting headed by the Minister of Agriculture and Irrigation praised the efforts of the complementary work teams and the technical and engineering teams of the Bank's as well as the consulting company that is working to restructure the bank and exalting the positive results achieved by the restructuring results in order to modernize and develop the bank.

It is worth mentioning that the Bank's balances with the Central Bank of Yemen for the year 2009 increased by 5 billion to reach YER 26.4 billion, while loans and borrowings advances to customers increased to YER 60 billion. The bank's profits amounted to YER 1.17 billion which came as a result of the exceptional efforts, the integrity and diversity of banking services, the ideal presence of the bank in all community activities and expansion of its banking activities according to the latest international regulations.