Syria Gulf Bank holds its 2021 Ordinary General Assembly

An Ordinary General Assembly of Syria Gulf Bank was held on Monday, June 6, 2022, in the morning, at the Four Seasons Hotel in Damascus. The meeting was headed by the Chairman of the Board of Directors with the participation of the members of the Board and the Executive Management, and the presence of representatives of the Central Bank of Syria, the Syrian Commission on Financial Markets and Securities and the Ministry of Internal Trade and Consumer Protection. The meeting was opened by the Chairman of the Board of Directors, Mr. Firas Salman, who welcomed the participants, then referred to the annual report containing the financial results for the year ending on December 31, 2021. Mr. Salman proudly reviewed a summary of the Bank’s work and achievements, and the most important indicators of its financial performance during 2021, in light of the repercussions of the Covid-19 pandemic and the circumstances witnessed by our beloved country. The Bank has demonstrated its ability to overcome adversity, progressing on the path of advancement and recovery at all levels.

In her address to the Assembly, the CEO, Maysoun Ghandour, referred to the Bank’s most notable achievements and plans for the next stage, as well about the various spectrums accomplishments of Syria Gulf Bank, in addition its financial performance indicators during 2021:

- The Bank’s technological and informatics infrastructure has been a top priority for the Bank’s, as we have made great strides in preparing and strengthening it to form a solid platform towards providing various types of electronic banking services and the transition to digital banking.

- The Bank maintained the pace of expanding its business and activities, as the net direct credit facilities granted to customers amounted to about 389.99 billion Syrian pounds, an increase of 458% in comparison with 2020.

- Enhancing the effectiveness of follow-up and processing nonperforming loans to improve the quality of the lending portfolio and increase the volume of proceeds from nonperforming loans, which will eventually be reflected in the volume of the deducted provisions.

- Customer accounts increased to about 297.23 billion Syrian pounds, an increase of 165% compared to the previous year.

- Total equity increased by 179% to reach about 105.73 billion Syrian pounds.

- The total assets of Syria Gulf Bank increased to about 743.35 billion Syrian pounds, an increase of 204% over the previous year.

- Achieving actual operating income of 42.81 billion Syrian pounds, compared to 4.31 billion Syrian pounds for 2020, which resulted in actual net profits of 20.21 billion Syrian pounds by the end of 2021.

“We proudly announce to our shareholders and customers that the results and accomplishments of Syria Gulf Bank, whose achievement was considered a great challenge, culminated in covering the entire accumulated losses of 11.22 billion Syrian pounds by the end of 2020,” added Ms. Ghandour.

Finally, the agenda and action plan for the fiscal year 2022 were discussed, and the shareholders expressed their views by voting on the decisions taken, having confidence in the promising leadership in creating the desired future and achieving the Bank's strategic objectives.