Ladies and Gentlemen, Shareholders of Jordan Ahli Bank,

On behalf of the board of directors and myself, I’m delighted to extend our warmest greetings, and to deliver our Annual Report for 2022, the 67th report in the history of one of Jordan’s oldest Jordanian banking institutions.

Jordan Ahli Bank was able to deal with the rapid changes witnessed under the accelerating global economy during the year 2022 with resilience and competence, particularly the inflationary pressures that afflicted the world, which delved deeper as a result of the elevated geopolitical tensions to add additional impetus, as inflation rates have reached historic highs not seen in the world since the 1980s, requiring monetary policymakers to trigger all available tools to rein it in, as monetary policy in the most important global economies tended toward a strict approach by all available means.

At the regional level, oil-exporting countries in our region have managed to maintain the integrity of their balance of payments despite unprecedented challenges and inflationary pressures in global economies, owing to rising cash flows from energy exports (oil and gas), which witnessed the unprecedented price increases during 2022. This has allowed the fiscal surplus to reach around 100 billion USD in the general budgets estimated by the IMF.

In response to the external inflationary pressures, the Central Bank of Jordan hiked interest rates on dinar instruments seven times in 2022, by 425 basis point, keeping the domestic inflation rate at relatively acceptable levels. Despite this, our national economic indicators demonstrated resilience and promising prospects, with the GDP growing at a real rate of 2.70% during the first three quarters of 2022, compared to 2.10% in 2021, and fiscal indicators also demonstrating marginal stability, with the public debt – to GDP ratio reaching 110.80% as of the end of October 2022, compared to 110.10% at the end of the year in 2021. This was supported by a stellar performance of the capital market (Amman Stock Exchange), which returned 18.10% for 2022, ranking it among the top performing Arab financial markets of the year. A number of financial indices also increased which was positive. Total credit facilities were 32.30 billion dinars at the end of October 2022, up 7.58% from the end of 2021, while deposits were 41.94 billion dinars as of October 2022, up 6.11% from the year end of 2021.

From a financial performance standpoint, Jordan Ahli Bank was 3.69% better as of 31/12/2022, totaling about 3.06 billion dinars compared to the end of 2021. This is attributed to the banks’ success in increasing sources of funds by 3.77%, resulting in customer deposits reaching 2.03 billion dinars, up from approximately 2 billion dinars at the end of 2021, where the bank was able to deploy them within its risk appetite levels while maintaining a balanced interest margin. Prior to provisions and suspended interest, the credit facility portfolio increased by 16.05%, to reach approximately 1.70 billion dinars at year’s end, compared to 1.46 billion dinars in 2021.
The investment portfolio of both fixed income and equity instruments increased by 1.79% to reach roughly 908.73 million dinars at year’s end, compared to 892.74 million dinars at the same time the previous year.

The “Ahli mobile” app has been updated and launched in both Arabic and English to ensure the highest level of satisfaction for our customers, whom we value and regard as an important component of our banking business. This is part of our inclusive financial services’ digital transformation journey and aligns with our strategy plans to strengthen our sustainable banking business. In addition, a new platform for “Ahli Online” which provides a wide range of digital banking services tailored for corporate customers, was also unveiled. With the increasing global demand for creativity and cutting-edge technology in the financial and banking sectors, we have placed our attention and support on flexible methodologies at the innovation department in order to promote ideas and innovative projects that serve our customers and meet their needs and aspirations. Jordan Ahli Bank looks forward to more accomplishments in 2023, expanding the pillars built last year in terms of process re-engineering and automation procedures. In addition to continuing to transform a varied range of new innovative digital banking services that will contribute to improving existing customers’ experiences and directing the same to future digital generations. Furthermore, the bank will launch a new bundle of innovative services geared toward entrepreneurs.

In terms of the bank’s accomplishments, please allow me to express our appreciation on your behalf to Mr. Mohammad Mousa Dawood, CEO/ General Manager, for his unwavering efforts throughout his successful journey spanning more than forty years, particularly the last seven years spent at Jordan Ahli Bank, as he submitted his resignation for retirement purposes effective January 31, 2023. At the same time, we congratulate Dr. Ahmad Al-Hussein on his appointment as Chief Executive Officer and General Manager of Jordan Ahli Bank effective from February 1, 2023 and wish him success in carrying out his duties and as well as continued progress in his upcoming tenure and continued success at the Bank.

Finally, I’d want to extend my respect and gratitude and appreciation to the Central Bank of Jordan, recognizing its distinguished efforts and unique prudence in ensuring the strength and resilience of Jordanian banks, the Ministry of Industry and Trade/Companies Control Department, the Securities Commission, and all capital market institutions. My gratitude and appreciation also extend to partners in Palestine, particularly Palestine Monetary Authority, as well as to the executive management, to all of our employees for their continuous giving, to our customers for their fruitful support, and to our shareholders for their unwavering faith for prosperity and goodness for all.

We wish all of you and our beloved Jordan ongoing success and prosperity under the leadership of His
Majesty King Abdullah II Ibn Al-Hussein, may God protect and preserve him.

Saad Nabil Yousef Mouasher
Chairman of the Board