International Bank of Yemen's general association decides to raise the capital to 21.5 billion riyals.

International Bank of Yemen's general association decides to raise the capital to 21.5 billion riyals.

The profits of the International Bank of Yemen for the year 2019 was 13 billion and 400 million riyals.

The Ordinary and Extraordinary General Association of Yemen International Bank approved, in its meeting on December 5, chaired by Chairman of the Board of Directors Kamal Al-Jabri, raising the bank’s capital by five billion riyals, bringing the total capital of the bank to 21 and a half billion riyals.

The association also approved adding 8 billion and 400 million riyals to the general reserve of the bank. And it approved the financial statements and the bank’s independent auditor’s report for the fiscal year ending December 2019.

In the meeting, the Chairman of the Bank's Board of Directors welcomed the members of the Board of Directors and the shareholders, pointing out the importance of the meeting to discuss a number of issues related to the Bank's activity and development and modernization efforts to face severe competition and gain customer satisfaction.

The report of the Chairman of the Board of Directors indicated that the bank’s profits after taxes and legal reserves amounted to 13 billion and 400 million riyals for the fiscal year ending December 2019, compared to 7 billion and 600 million riyals in the year 2018.

The report pointed out that the bank's total assets reached 702 billion riyals at the end of 2019, while total customer deposits at the end of 2019 amounted to 496 billion riyals, compared to 489 billion riyals at the end of 2018.

The report reviewed the bank’s strategy and the development projects it included, including developing and modernizing the core banking system in line with the latest developments in the same field, updating the governance guide, policies and procedures guide in line with the application of the highest standards, in addition to working on the electronic wallet project (Aldawli Money), which was Running it experimentally and preparing the local remittance service (Aldawli Express), which will be launched soon.

The report showed the bank’s efforts in the area of ​​compliance and combating money laundering and strengthening its policies and procedures to support the application of compliance requirements in this field, which leads to strengthening the bank’s capabilities and increasing the confidence of the outside world in the Yemeni banking sector in general, as well as the registration of some of the bank’s employees to obtain a certificate of certified anti-money laundering specialist. Money Laundering and Terrorist Financing (ACAMS), which is the highest international professional certificate in the field of combating money laundering and terrorist financing, and training and qualifying its cadres in this field.

With regard to training and qualification, the report indicated that training programs have been implemented for bank agents in Western Union services to train and qualify them and provide them with the necessary skills to enhance the compliance requirements of the bank in line with international requirements and lead to raising the efficiency of banking work in the bank and in the banking sector in general, in addition to training a large number of Graduates of Yemeni universities have access to the various activities that are managed in the bank, with the aim of qualifying them to enter the labor market with prior efficiency.

The report of the Chairman of the Board of Directors indicated that the Bank is working to enhance its efforts towards social responsibility through its various activities in lending, opening documentary credits and external remittance services to commercial companies to provide the basic needs of the Yemeni citizen. The Bank also continues to be a partner with international organizations in attracting external remittances to organizations and providing remittance services to beneficiaries of These organizations, as well as providing the necessary liquidity to ensure the continuity of the operation of these organizations, thus strengthening its contribution to ensuring the continuity of the implementation of relief and reconstruction projects throughout the country.

The report emphasized that the successes were achieved thanks to the introduction of new technologies and the diligent work of the executive management, the board of directors and employees.

The meeting was attended by members of the Board of Directors, General Manager of the Bank Omar Rashid, representatives of the Central Bank of Yemen and the Ministry of Industry and Trade.