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Profits from Investment Accounts in Tadhamon International Islamic Bank Rise to 15,224 billion YER in 2014

Monday, 23 November, 2015


Tadhamon International Islamic Bank announced profits and revenue of 26 billion and 515 million at the end of 2014, and the profits for investment and savings accounts jumped to 15 billion and 224 million YER, with an increase of 659 million YER (a growth of 4.5%).

Mr. Abduljabbar Hayel Saeed, the Chairman of Tadhamon’s Board of Directors, said, during the General Assembly’s regular meeting yesterday in Sana’a that the balance of the deposits and accounts in the bank went up to 452 billion and 412 million YER which was an increase of 901 million YER from the end of 2013.

He also stated that the unified budget of the Bank exceeded, at the end of 2014, 517 billion and 705 million YER, and that the accounts outside the budget (regular) amounted to 47 billion 173 million YER.

He also said that the amount allocated for investment memos and banking commitments reached, at the end of 2014, 11 billion and 598 million YER. Mr. Abduljabbar also stated that, despite the special circumstances that the country went through in 2014, and the losses that were incurred by the national economy in general and the financial banking sector specifically, Tadhamon International Islamic Bank and its leadership were able to implement the strategic plan in the midst of the situation that the country was going through. They were also able to focus on the priorities of the Bank, which were to keep the activities of the Bank ongoing within secure limits, lower the excess cash balances and the balances for investment and financing, in addition to securing the assets of the Bank and its property against the dangers of terrorism and armed burglary.

He also added that other events, like the decreasing petroleum prices worldwide, which were lower than 50 USD a barrel, the end of petroleum production due to the attacks on the oil pipelines, foreign organizations stopping their assistance to the country, the lower revenue from taxes and other exports, all led directly to harming the national economy, where the GNP had a low growth rate of 1.9%.

The General Assembly listened to the report of the Board of Directors about the activities of the Bank during the fiscal year ending on 31 December 2014, and it approved this report. It also approved the reports of the Shariah Supervisory Board and the accounting report.

It released the Chairman and Members of the Board of Directors from their responsibility for their actions during the fiscal year ending on 31/12/2014, and they delegated the task of finding an auditor for 2015 and setting his compensation.

The General Assembly also heard comments and clarifications from the representatives of the Central Bank and the Ministry of Industry and Trade, and it increased its adherence to them.

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