Deposits in the National Bank of Yemen grow by 66% in 3 year
According to the National Bank of Yemen, its total deposits have grown by 66% since 2016 and its assets have increased by 67%, despite the war. The bank said in a statement that total deposits increased from 171.6 billion Yemeni Riyals at the end of 2016 to 285.4 billion Yemeni Riyals at the end of September 2019, an increase of 66%.
According to the statement, the bank's assets increased from 194.6 billion riyals at the end of 2016 to 325.1 billion Yemeni Riyals at the end of September 2019, an increase of 67%.
The bank said that the growth in deposits and assets moved the National Bank of Yemen to fourth place by September 2019 from the sixth place in 2016, out of 17 banks operating in Yemen.
The National Bank is one of Yemen's main financial institutions, and is a fully government-owned Yemeni commercial bank under the direct supervision of the Minister of Finance, with headquarters in the interim capital, Aden.
The Bank is preparing to celebrate its 50th anniversary next Tuesday, and The Bank's Chairman, Dr. Mohammed Halabub, confirmed that it will in the near future open several modernization and development projects that were launched three years ago.
He explained that the Bank aims to modernize its administrative and accounting systems, under contract with the consulting firm Deloitte & Touche Professional Consulting Ltd.
The President of the Bank revealed the project of introducing (BANKS system) for the automation of information, which was contracted with (ICSfs Financial Systems Limited), stressing that the year 2020 will represent a qualitative shift in the bank's performance.
Halbub said: "we expect next year to represent the rebirth of the National Bank of Yemen through the launch of the BANKS project, in early 2020."