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French Version

Union Bank achieves 21 percent growth in assets, credit facilities and deposits for 2000

In recognition of the importance of long-term planning, the Union Bank for Savings and Investment has, at the end of 1997, drawn up its first strategic plan for the years 1998-2000...

In recognition of the importance of long-term planning, the Union Bank for Savings and Investment has, at the end of 1997, drawn up its first strategic plan for the years 1998-2000, which aimed at restructuring its financial setup, developing a modern organizational structure and internal policies and procedures to ensure efficient, productive and safe banking practices. As the bank has succeeded in accomplishing most of these objectives within the set period, a second strategic plan for the years (2001-2003) has been drawn up aiming at evolving current and new services, improving customer service, raising productivity and competitive advantages, hence, enabling it to function in line with the most recent banking and investment developments as well as attracting a larger number of selected customers, and increasing the bank’s market shares. The bank lost JD 2 million in the year 2000. It is pursuing a three-year strategy to develop its services and improve quality of administrative transactions. Balance sheet Total assets at the end of 2000 have risen to about JD 268 million compared to total assets at the end of 1999; showing an increase of JD 43.9 million, which is equivalent to 19.6 percent.

Direct credit facilities Despite the current economic conditions and the bank’s conservative policy in granting credit facilities under these conditions, the bank’s total credit facilities grew by JD 20.2 million, equivalent to 22.3 percent over 1999, compared with the average growth of 6 percent in direct credit facilities granted by the Jordanian banking sector. The expansion in credit facilities aimed to create an economic sector capable of functioning under the prevailing economic conditions, and was directed towards loans secured by cash deposits, gold and housing loans in addition to car installment financing, which is insured by insurance companies and accredited underwriters.

Deposits and margin accounts By the end of 2000, while total deposits and margin accounts grew from JD 192 million at the end of 1999 to about JD 232 million; an increase of 21 percent, interest paid on those deposits and margin accounts rose by 11.9 percent only. This growth compares very favorably with that of the banking sector amounting to 10 percent only.

Depreciation and amortization Total depreciation and amortization of the bank’s fixed assets and establishment expenses for the year 2000 amounted to JD (1,075,751). The net book value of the bank’s permanent premises stood at JD 7.6 million; whereas the original cost and furnishing stood at JD (9.6) million. The difference represents “Hidden Profits” for the shareholders and a safeguard for the bank’s capital.

Provisions against credit facilities Provisions for bad and doubtful debts plus relative interest of the value of the relative collateral held by the bank against these loans, exceeded these debts by about JD 1 million. The excess emanates from applying the Central Bank’s instructions to depreciate the collateral and represents undeclared profits to be realized on the collection or resolving of these debts.


Amman,02June2001
Ghassan Joha
The Star


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