The General Assembly of the Cooperative and Agricultural Credit Bank approved, in its meeting today in Sana’a, raising the bank’s capital to 22 billion Yemeni riyals.

The association, chaired by the Minister of Agriculture and Irrigation, Engineer Abdulmalik Al-Thawr, discussed the annual report of the bank’s performance, as well as the audited financial statements for the year ending on December 31, 2021 AD, after listening to the report of the external auditor and the report of the Sharia Supervisory Board.

At the meeting, Chairman of the Board of Directors, Ibrahim Al-Houthi, reviewed the bank’s annual report, which includes an evaluation and business results for the fiscal year ending on December 31, 2021. He praised the efforts of the bank’s employees to raise the efficiency of performance and enhance the advantages of competitive services in accordance with the best known banking practices.

Ibrahim Al-Houthi expressed his pride in the bank’s possession of expertise and high technical capabilities that enabled it to overcome the challenges facing the banking sector and its accumulated difficulties.

He also reviewed some financial numbers, starting with the total assets of the bank for the year 2021 AD, reaching 530 billion riyals, compared to 499 billion riyals in the previous year, with a visitation of 31 billion riyals.

The total funds of depositors (banks and customers) by the end of December 31, 2021 AD amounted to 442 billion riyals, compared to 436 billion riyals from the previous year, an increase of six billion riyals.

The Chairman of the Board stated that the volume of transactions with the electronic money service for the “Mobile Money” wallet rose to 3.02 billion riyals, with a growth rate of 20.5 percent over the year 2020.

Source: Yemen News Agency