CAC Bank achieved Financial Profits in 2013 Amounted to YER 10 Billion

1/6/2014 12:00:00 AM

“The bank achieved financial profits reached by the end of 2013 to YER 10 billion,” said Mr. Monasser Al-Quaiti - Chairman of Cooperative and Agricultural Credit Bank (CAC Bank).

In an honoring ceremony held at the headquarter of CAC Bank to honor the bank’s ex-management and retired workforce of 2013, the Chairman pointed out that the financial figures indicate that the bank has managed to attract new customers’ deposits reached to YER 146 billion during the year ended 2013 to become the total deposits as at December 2013 YER 434 billion in which the bank managed to re-employ and invest them successfully.

“The honoring of the bank to its former managers, including those who were died and have moved to the mercy of God, comes in recognition of their role to preserve and maintain the bank as a banking institution in the direction of providing services to customers in the banking field,” The Chairman said.

He explained that CAC Bank has been able to achieve tangible successes inside the Republic of Yemen and has also achieved outstanding figures which are satisfaction to all the bank affiliates, affirming that this success is due to the exceptional efforts of the bank workforce.

Mr. Monasser Al-Quaiti added that CAC bank is continued to be a distinguished financial institution operating constantly under a fiscal and deflationary policies bearing in mind the financial difficulties Yemen is experiencing, and therefore we count on the staff and employees of the bank to make more efforts to promote banking roles inside the bank, since we are facing a great responsibility towards our clients especially in connection to what the country is witnessing in political fluctuations and the difficult and delicate stage the country is going through, which needs to be perceived responsibly by all the people of the country.

Accordingly, Mr. Salah Sadeq Basha declared the achievements of CAC Bank stating that the bank has been able in recent years to achieve advanced stages of banking success as a result of the efforts of its workforce and its leaders. Mr. Salah Basha confirmed the concentration of the bank to continue in providing the best banking services to its customers and facilitating finance of small projects and focus on supporting agricultural and fisheries projects as well as the cooperative associations which will help in providing job opportunities for manpower in the country.

Then, two speeches were delivered by the former CEO of the bank, Mr. Ahmad Al-Medwahi and head of the Bank's staff union Mr. Ammar Al-Sharjabi, who pointed out to the importance of organizing such a celebration for a group of leaders and employees of the bank who served the banking sector in Yemen during their tenure, and mentioned to the previous successes of the bank which was the result of efforts exerted by the Bank's leaders and main employees.

After that Mr. Salah Basha the CEO of Cooperative and Agricultural Credit Bank held a press conference in which he reviewed the success and achievements of the Bank during the year 2013, where he reviewed the Bank's contribution to maintain economic stability and supporting the national economy by several investment projects through financing investors in the fields of industry, agriculture, fish and commercial projects. Mr. Basha added that the bank has contributed in maintaining stability of exchange rates and the great prevention of speculation and manipulation of foreign currency, indicating that the bank was able during the 2013 to provide and supply the exchange market with USD 2.5 billion.

Mr. Salah Basha added that the total assets of the bank increased from YER 308.36 billion in 2012 to YER 465.41 billion in 2013 with increase of YER 157.51 billion, while customers’ deposits increased from YER 287.82 billion to YER 434.296 billion with increase of YER 146.47 billion.