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Annual Report 2016 ANNUAL REPORT 2016 His Majesty King Abdullah II Bin Al Hussein His Royal Highness Crown Prince Al Hussein Bin Abdullah II Board of Directors 8 Vision & Mission 9 Message from the Chairman 11 Board of Directors’ Report 19 Analytical Overview of Domestic and 31 Global Economic Performance Table of Contents Corporate Governance Code 37 Independent Auditors’ Report 39 Financial Statements for the Year 43 Ended 31 December 2016 Disclosures required by Jordan 101 Securities Commission Members of the Board of Directors Annual Report 2016 - Capital Bank 2015 2016 Chairman of the Board of Directors Chairman of the Board of Directors Mr. Bassem Khalil Al-Salem Mr. Bassem Khalil Al-Salem Vice Chairman of the Board of Directors Vice Chairman of the Board of Directors Mr. Mazen Samih Taleb Darwazeh Mr. Mazen Samih Taleb Darwazeh Directors Directors Mr. Kim Fuad Abu Jaber Mr. Kim Fuad Abu Jaber Investment & Integrated Industries Company, Investment & Integrated Industries Company, represented by represented by Mr. Omar Mohamed Shahrour Mr. Omar Mohamed Shahrour Social Security Corporation, represented by Social Security Corporation, represented by Mr. Issam Abdallah Al-Khatib Mr. Issam Abdallah Al-Khatib Al-Khalil Investments, represented by Al-Khalil Investments, represented by Mr. Khalil Hatem Al-Salem Mr. Khalil Hatem Al-Salem Al-Jadara Company for Real Estate Investment, Al-Jadara Company for Real Estate Investment, represented by represented by Mr. Sultan Mohammed M. El-Seif Mr. Sultan Mohammed M. El-Seif Hotaf Investment Company, represented by Hotaf Investment Company, represented by Mr. “Mohammed Ali” Khaldoun Al-Husry Mr. “Mohammed Ali” Khaldoun Al-Husry Mr. Mazen Ahmed. Al- Jubeir Mr. Mazen Ahmed. Al- Jubeir Mr. “Mohammed Said” Mohammed Shahin Mr. “Mohammed Said” Mohammed Shahin Mr. Omar Akram Omran Bitar Mr. Omar Akram Omran Bitar Mrs. Reem Haitham Jamil Goussous Mrs. Reem Haitham Jamil Goussous Mr. Jawad Abdel Reda Al-Kasab Mr. Jawad Abdel Reda Al-Kasab Until 21/12/2016 Mr. Ahmad Hanandeh 8 Annual Report 2016 - Capital Bank Our Vision and Mission Our Vision To be a leading financial institution and the partner of choice for corporate and retail clients seeking innovative and holistic solutions in the Jordanian and Iraqi markets. Our Mission • To create value for our Shareholders by providing consistent and profitable growth across the group. • To serve our corporate and retail clients by capitalizing on our unique platform in the region and expanding the scope of our commercial, investment, and retail banking services. • To become the employer of choice by providing a positive and challenging work environment with clear career development. • To support the communities where we operate by promoting economic growth as well as providing direct support to educational and community development. 9 Message from the Chairman Financing Renewable Energy Projects Pioneers in designing exclusive banking solutions that serve the alternative and renewable energy sector, supporting its vital role in accelerating economic growth and environmental preservation. Message from the Chairman Annual Report 2016 - Capital Bank Ladies and Gentlemen, the Shareholders of Capital Bank I am pleased to extend you a warm welcome at the Capital Bank’s General Assembly meeting, and submit to you in my name and on behalf of my colleagues on the board of directors, Capital Bank’s annual report, the results of its work and the consolidated financial statements for the fiscal year ending as of December 31, 2016, as well as the future plans the bank is looking forward to implementing. Ladies and Gentlemen, Two thousand and sixteen came as a culmination of five difficult years during which the Jordanian economy was subjected to numerous setbacks. Starting with the oil crisis that hit Gulf countries, which impacted the Jordanian economy in areas such as direct investment opportunities, Jordanian expatriate transfers and income from tourism, continuing to the closure of Jordan’s northern border that hindered the flow of Jordanian goods to foreign markets, coupled with the retreat of Iraq’s position as a premium destination for Jordanian exports in 2012 and 2013 to hit a low level in 2016, and finally ending with the state of uncertainty that continues to veil the region. These setbacks have hindered the expansion of the private sector, which continues to live a state of anticipation pending any signs of a possible breakthrough in the region. The signs of this much-awaited breakthrough began materializing gradually with the onset of 2017, with Iraq as the source, as the Iraqi authorities are currently working to rehabilitate the Treibil border crossing, opening it to Jordanian goods, and exempting them from customs duties that had been levied earlier, amounting to 30%. Another initiative that calls for optimism is Iraq’s completion of technical studies for its oil pipeline, which will connect the two countries and is expected to kick off this year. It is also worth noting the numerous Saudi Arabian investments announced on the sidelines of the Saudi-Jordanian summit that preceded the 2017 Arab League Summit. Ladies and Gentlemen, Capital Bank Group has succeeded, in spite of numerous challenges, to achieve positive operational results in 2016, with profits before taxes and provisions against investment risks in Iraq amounting to approximately JD 40 million, compared to JD 23 million in 2015. The National Bank of Iraq, 62% of which is owned by Capital Bank, achieved unprecedented financial results that culminated in a net profit after taxes of JD 9.5 million, which is the highest since the bank’s establishment. The group’s net profit after taxes amounted to JD 16 million in 2016, compared to JD 1 million in 2015. This improvement was propelled by a tangible growth in the bank’s main activities, with the net growth in interest and commissions growing by 12% to reach JD 81.8 million, compared to JD 72.9 million in 2015. This reflected positively on the total income, which grew by 24.6% during the year to reach JD 94.2 million, compared to JD 75.5 million in 2015. The net credit facilities also increased by about JD 60 million, reaching JD 970 million, an increase of 6.6%, supported by a solid base of customer deposits amounting to JD 1.225 billion at the end of the year. Due to the prevailing economic conditions in Iraq and in line with the bank’s risk-hedging policies, which aim to strengthen our financial position, the group’s management team has decided to continue its precautionary approach to confront these conditions by allocating additional allowances in 2016, amounting to JD 13 million, bringing the total allocations during 2015 and 2016 to JD 25 million. Ladies and Gentlemen, As a reinforcement to the bank’s advanced level of services presented to its customers, Capital Bank will continue to implement its strategy to launch new products in the local market, designed to attract a larger number of big corporates. It will also work to deliver an integrated package of competitive and innovative banking and investment services for its customers by launching specialized banking programs that cater to their needs, while continuing to provide outstanding services to SMEs through developing exclusive and targeted programs. 12 Annual Report 2016 - Capital Bank Message from the Chairman Ladies and Gentlemen, The group’s regional expansion through Capital Bank and Capital Investments in Jordan, National Bank of Iraq and Capital Bank Corporate Advisory at the Dubai International Financial Center has reinforced our work by delivering an integrated group of banking solutions and financial services locally and regionally. This will have a tangible effect on the development of the group’s work and services regionally. Allow me to extend my sincerest gratitude and appreciation to the Central Bank of Jordan, which has played a fundamental role in enhancing growth, reinforcing confidence in the Jordanian economy and preserving monetary stability through its continued support of the banking sector. I would also like to thank the bank’s shareholders for their continued support and confidence, and my colleagues on the board of directors for their effective and tireless contribution and insight in identifying the bank’s strategic goals and continuous supervision of the bank’s performance. I would also like to take this opportunity to acknowledge the executive management team and all the bank’s employees for their continuous efforts and dedication in performing their duties and responsibilities. May the peace, blessings and mercy of God be upon you all. Bassem Khalil Al-Salem Chairman of the Board of Directors 13 Annual Report 2016 - Capital Bank Net Profit (Million JOD) 37.0 36.3 22.0 16٫1 1.1 2012 2013 2014 2015 2016 Return on Average Total Shareholder’s Equity 13.06% 9.50% 10.85% 4.9% 0.32% 2012 2013 2014 2015 2016 Return on Average Assets 2.12% 1.75% 1.47% 0.81% 0.05% 2012 2013 2014 2015 2016 Capital Adequacy 20.1% 19.3% 18.8% 18.3% 13.9% 2012 2013 2014 2015 2016 14 Annual Report 2016 - Capital Bank Total Assets (Million JOD) +6% 2.062 1.986 2.007 1.887 -3% 1.607 2012 2013 2014 2015 2016 Gross Income (Million JOD) +4% 91.5 94.2 81.0 79.0 +3% 75.6 2012 2013 2014 2015 2016 Expenditures (Million JOD) +7% 67.1 82.8% 64.5 51.3 25.2 41.4 27.8 24.9 30.3 8.3 41.9 30.8 36.7 26.4 33.1 -.05 2012 2013 2014 2015 2016 Employees and Other Operating Expenses Provisions and Other Non-Operating Expenses 15 Annual Report 2016 - Capital Bank Total Deposits of Clients (Million JOD) 6% 1.345 1.234
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