The Ordinary General Assembly of  Tadhamon Bank held on Sunday, 29 September 2019 in Sana'a, approved the report of the Bank's activities ended on 31 December 2018, the report of the Shari'a Supervisory Board and the independent auditor report thereon.

In his speech to the General Assembly, the Chairman of the Board of Directors, Mr. Abduljabbar Hayel Saeed Anam, touched on the most important achievements and outputs of the strategic business in the Bank and the financial results achieved during the year 2018, speaking about the bank's ability to overcome a number of difficulties, and to achieve a range of achievements, supporting and strengthening the economy and achieved its role in social responsibility, despite the absence of any signs of a breakthrough for the Yemeni crisis during the past year.

He stressed that the bank has worked to develop the systems of transparency, control and disclosure to achieve the standards of corporate governance at the best level hoped, at the same time the bank went to enhance the level of financial inclusion, and the principle of reaching the customer wherever he is; New service centers have been opened in areas where the banking sector does not exist, and the bank's representation has been enhanced with a wide network of agents to reach customers in those areas where the bank has not been able to directly exist. New ATMs have been added to the existing network in locations where there was no pre - existing such as: (Bagel, Abs, Al Turba, and Al Baidha and other cities.)

The Chairman explained that the bank's aspirations did not stop at this point, but worked to enhance and develop its E-services to ensure the ease of use by multiple groups in the community, such as: (Internet banking for companies, individuals, mobile banking, card services for individuals who have bank accounts, as well as Mahfathati service for customers who are unable to provide the requirements for opening bank accounts). Where these systems have been developed according to the feedback received from customers and strengthen their automatic linkage to the main banking system; to reduce the level of human errors, and facilitate their use by customers.

The Chairman of the Board of Directors noted that the management of the Bank seeks to strengthen the infrastructure of the Bank so as to be an incentive to raise the level of performance and efficiency. The Bank's branches, representative and service centers have been restructured with a mechanism to ensure better service and more efficient customer service through the implementation of the universal service principle, which was launched in previous years, which aimed to provide more than one banking service at the same time through a comprehensive bank service, through one employee.

The Chairman reviewed the Bank's report for the year ended on 31 December 2018, which indicated that the revenues achieved during 2018 amounted to YR 22 billion, compared to YR 25.1 billion at the end of 2017, with a decrease of YR 3.1 billion, with a decrease of 12%.

According to the report, the total expenses and the burden of allocations and other expenses for the year 2018 amounted to 13.3 billion Riyals, compared to the amount of 12.3 billion Riyals at the end of 2017, with an increase of one billion Riyals, with an increase of 9%; due to the high portfolio of funds and the formation of regular and mandatory provisions, in addition to the formation of provisions for some investments.

The net losses after the depositors' profits and taxes for the year amounted to approximately 892.6 million Riyals, so they were covered from the balance of retained earnings for the year 2017, and the retained earnings of the bank at the end of the year with a balance of 619 million Riyals.

The report pointed out that the balance of provision for investment risks and contingent liabilities amounted to YR 18 billion at the end of 2018, compared to YR 16.7 billion at the end of 2017, with an increase of YR 1.3 billion, with an increase of 8%.

The report pointed out that the volume of the consolidated budget rose at the end of 2018 to the amount of 542.6 billion Riyals, compared to the amount of 489.7 billion Riyals at the end of 2017, with an increase of nearly 11%, while net accounts outside the budget (statutory) amounted to 40.2 billion Riyals, compared to 19.7 billion Riyals for the year 2017, with an increase of 104%. 

With regard to customer accounts, the report pointed out that the balance of deposits and accounts of customers at the end of 2018 rose to the amount of 411.4 billion Riyals compared to 389.9 billion Riyals at the end of 2017, with an increase of 21.5 billion Riyals, with an increase of 6%.

The report pointed out that the net investments and financing at the end of 2018 amounted to 384.9 billion Riyals compared to the amount of 299.4 billion Riyals at the end of 2017, with an increase of 85.5 billion Riyals, with an increase of 29%. The extraordinary general assembly also approved the bank's new identity, under which the bank's name was changed to Tadhamon Bank and its new logo was adopted