The Ordinary General Assembly of the Cooperative and Agricultural Credit Bank (CAC Bank) approved in its meeting on Monday in Sana’a, chaired by the Minister of Agriculture and Irrigation in the caretaker government, Eng. Abdul Malik Al-Thawr, the financial statements and the report of the bank’s business results for the fiscal year ending on December 31, 2022.
During the meeting, in the presence of the Chairman and members of the Board of Directors, representatives of the Central Bank of Yemen and auditors, the Minister of Agriculture reviewed the most important developments in the banking sector, praising the performance results achieved during the year 2022, especially the expansion of the bank’s market share, increasing its customer base and the volume of deposits.
He noted the bank’s role in continuing to provide the best banking services despite the difficulties the country is going through as a result of the existing blockade and economic war.
The Chairman of the Board of Directors of the Bank stres
sed the importance of the pioneering role played by the Bank during the year 2022, by meeting the electronic financial needs of customers, as well as keeping pace with the recent digital innovations by launching a set of services and qualitative features, which characterized the Bank’s portfolio “Mobile Money and the MPS system”.
He touched on the qualitative leap achieved by the bank and its ability to enhance the required aspects of confidence for various customer segments, after providing cash services “through the Al-Sorayai Remittance Network”, and paying attention to providing cash in all its banking and electronic channels, maintaining its firm position in the banking sector.
According to the bank’s management report for the year 2022, which provided a comprehensive presentation on the most prominent financial results and indicators of the bank, the performance results recorded an increase in the level of operational efficiency of the bank, with high growth rates in the assets of the financial center
– despite the challenges that have plagued the banking sector for eight years -, and the total customer deposits reached 434 billion riyals compared to 412 billion riyals in 2021, with an increase of 22 billion riyals.
The report indicated that the volume of transactions in electronic money services “Mobile Money Wallet” increased to reach 4.5 million transactions until the end of 2022, and the bank was able to achieve net profits of 2.4 billion riyals compared to 1.6 billion riyals in 2021.
He explained that the bank owns a wide network of branches and several offices to provide its services throughout the Republic, estimated at (83) branches and offices. He pointed out that in support of the expansion of service provision and distribution channels, the number of ATMs has increased to (177) and more than (1544) authorized agents.
Source: Yemen News Agency