CAC Bank Ranked the First in Financing the Economic Activities in 2008

4/15/2009 12:00:00 AM

As per a governmental report issued by the Central Bank of Yemen on the performance of the banking sector for the year 2008, which revealed the growth of the Cooperative and Agricultural Credit Bank among the banking sector. According to the report CAC bank ranked the first in financing of economic activities in the country, achieving a growth rate of 46.5% and contributed to the financing of the economic sector by 35.6% among the banking sector. The bank achieved a remarkable increase in its assets for the year 2008 and ranked the first among banking sector with a growth rate of 45.5% compared to 2007, while the volume of the Bank's investments in deposits notes and treasury bills increased by 91% compared to 2007, and achieved 25% out of the total investments of the banking sector. He pointed out that the volume of assets also increased by 45%, deposits and savings by 53.4%, while the loans and advances provided by the bank to its customers in various economic sectors increased by 45.5%.

It is worthy to mention that CAC Bank is also the leading bank among the banking sector in terms of the largest network of branches and number of ATMs machines distributed around Yemen around 73 machine.