CAC Bank achieved YER 2.4 Billion as Net Profit During 2014

8/11/2015 12:00:00 AM

The General Assembly of Cooperative & Agricultural Credit Bank held the annual meeting yesterday to review the results of different activities and efforts for the year ended 2014, which was a year of several events, year of political, financial and economical fluctuations whereby the CAC Bank achieved a net profit of YER 2.4 billion during 2014 after deduction of all expenses, taxes on commercial profit and Zakat.

Mr. Salah Sadeq Basha – CEO of CAC Bank said that the bank achieved these profits despite the fluctuated political and economic circumstances the country is experiencing which in return influenced negatively the economic and financial statue, affirming that the attained net profit of 2014 is regarded as an exceptional revenue in such a difficult situation.

The CEO stated that the total assets as at 31 December 2014 reached to YER479 Billion compared to YER 456 Billion during the same period of the last year with a YER 23 billion growth. These results were achieved as a result of peak confidence of customers on CAC Bank whereby the total deposits of customers reached to YER443 billion as at 31 December 2014 compared to YER 429 billion during the same period of the last year with a YER14 billion increase, and the investment portfolio amounted to YER 404 billion as at 31 December 2014 compared to YER 354 billion during the same period of the last year 2013.

Furthermore, Mr. Yahya Al-Kebsi – Deputy CEO for Banking Risk asserted that these profits were achieved after deducting the amounts of provisions to meet the losses in accordance with the Central Bank of Yemen instructions.