The Cooperative and Agricultural Credit Bank Raised its Capital to YER 19 Billion

9/4/2016 12:00:00 AM

In its annual meeting held today in Sana’a headed by Engineer Mr. Ali Abdulkareem Al-Fudhail - Acting Minister of Agriculture and Irrigation, the General Assembly of the Cooperative and Agricultural Credit Bank (CAC Bank) approved raising the bank’s capital to YER19 Billion.

During the meeting, the General Assembly discussed the Board of Director’s report on revitalization the bank during the ended year as at 31 December 2015, the auditor’s report of the same fiscal year, and reviewed the financial statement and income statement of the ended fiscal year.

Mr. Mohamed Saleh Al-Lai - Chairman Board of Directors also reviewed the banking activity report and its results during the fiscal year ended 31 December 2015. Mr. Al-Lai pointed out to the extended efforts to raise the financial competencies of the bank by attracting new customers, and improving the performance of banking services in accordance with high professionalism characteristics to raise average of deposits in various forms and types and reallocate them in an acceptable stream that achieve higher rates of profit despite the current witnessed circumstances of the country.       

Mr. Al-Lai stated that the net profits achieved at the end of the last year reached to YER 2.35 billion in which YER 2 billion out of the said profit is to be used to raise the capital of the bank, and indicated that the net operating income during the last year reached to YER 25.71 billion compared to YER 23.60 billion at the end of 2014. Total assets at the end of the last year reached to YER 359 billion compared to YER 482 billion at the end of 2014. He also affirmed that the bank is aiming to gain a bigger market share than the current in retail banking and win new customers and retain them by introducing good services and satisfactions, and then act perfectly to acquire new ones.

Mr. Al-Lai added that the bank continues through its specialized departments, branches and offices in the various governorates to provide its banking services including POS services, SPEED for cash transfers, CAC Mobily, CAC for purchases, Ria for remittances and issuance of various cards, as well as our participation in the national switch in which our cards are accepted in all ATMs network in Yemen, and pointed out to the witnessed expansion in ATMs network where the number of operated ATMs reached to 207 machine while we are aiming to open new branches and offices in faraway governorates and places.

Then, Mr. Al-Lai emphasized that the bank has recently signed number of agreements with governmental entities, including the technical connection with Higher Education to pay the students fees through our electronic channels.

Moreover, the Chairman of CAC Bank appreciated the efforts of the bank's employees and their enthusiasm to improve the levels of performance and work in a team spirit which will undoubtedly improve the work environment and provide excellent services to customers.

On the sidelines of the meeting events, the General Assembly of the Bank has honored the two former board directors Mr. Hamid Ahmed and Mr. Abdulmalek Kassem Al-Thawr for their efforts in serving and developing the Bank's business during their last membership in the Board of Directors and affiliated committees.ش