CAC Bank Tops the Yemenis Banks in Terms of Deposits Growth Rate

CAC Bank Tops the Yemenis Banks in Terms of Deposits Growth Rate

3/9/2011 12:00:00 AM


The Cooperative and Agricultural Credit Bank (CAC Bank) ranked the first among the list of commercial banks operating in Yemen in terms of total assets and total deposits growth rates in both local and foreign currencies during the year ended 2010.

The CAC Bank maintained its position in possessing the first ranked bank in growth rates of deposits size, volume of loans and finance among  all operating banks in the Yemeni banking sector (commercial and Islamic) together with its contributions to support development projects in the country during the same year.

According to the Central Bank of Yemen report of improvement of banks’ consolidated budget last year, CAC Bank ranked the first in terms of assets size among the list of all commercial banks operating in Yemen with total assets of YER 306 billion and a difference of YER 113 billion of the second ranking in the list at the end of the last year.

The growth rate of total assets of the Cooperative and Agricultural Credit Bank's reached to 36.3% and increased with YER 82 billion than last year according to the report that was obtained by Saba news agency last Wednesday. Thus, and further to the report CAC Bank was ranked the first with the growth rate of size and total assets amongst all Banking Sector.

With regarding to the bank's deposits, the report affirmed that CAC Bank was able to keep up its first rank in terms of size and growth rate of deposits and amongst all banks in the banking sector (commercial and Islamic). The growth rate of the bank's deposits during the last year reached to 33% with YER 69 billion increase.

As stated by the report the CAC Bank's deposits reached to YER 274 billion during the last year in which the bank sustained the first ranked in terms of total asset in the list of all commercial banks operating in Yemen, with a difference of YER 108 billion compared to the second ranked bank in the list in terms of total deposits. The report also declared that CAC Bank came first in supporting development projects in financing small, medium and large enterprises as the balance of loans and financing activities provided by the bank during the last year amounted to YER 84 billion compared to YER 69 billion in 2009 with an increase rate of 23% and a difference of YER 40 on the second ranked bank in the list.

The report highlighted that CAC Bank succeeded in the growth rates of investments in local securities, including treasury bills as such investments reached to YER 120 billion with a 4% growth rate.

The Deputy CEO for Business Support in Cooperative and Agricultural Credit Bank Mr. Faris Al-Jadbi confirmed that the growth of deposits affirmed the continuity of the public's confidence in performance, credibility and diversity of CAC Bank’s banking products, such services are making the bank worthy of competition and achieving consecutive successes and qualitative steps in banking and services segments.

In his speech to Saba News Agency Al-Jadbi added that these figures and achievements are indicators of the strength of governance policies and institutional of work mechanism in CAC Bank as well as the modern techniques followed by the bank in the banking business. He emphasized that the Bank's systematic and scientific development through its investments in the technological infrastructure enables the bank to provide its services at international standards, and one of the main factors that helped the Bank to achieve consecutive successes and qualitative steps in banking services is achieving the diversity by presenting services via sales and distribution channels.

Mr. Al-Jadabi pointed out to the role of the bank and its involvements in managing the crisis of the local currency depreciation against the US dollar, and contributed to the preserving economic stability and increase of investor confidence; these efforts resulted in restoring the price of Yemeni riyal against hard currencies after hiking to its natural price.