Jordan Islamic Bank gains surge 9pc to $16m

MANAMA, 1 hours, 11 minutes
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Jordan Islamic Bank (JIB), a subsidiary of Bahrain-based Al Baraka Banking Group, has reported nine per cent growth in net profit at $16.08 million for the first quarter when compared with $14.67 million for the first quarter last year.

Profits before tax saw a growth of about 14.1 per cent to $23.41 million when compared with $20.45 million earlier, said a report in the Gulf Daily News (GDN), our sister publication.

The bank’s board of directors led by chairman Adnan Ahmad Yousif, who is also chief executive of Al Baraka Banking Group, approved the financial statements for the first quarter of the current year during the board’s meeting held in Amman.

Yousif said the bank has strong assets, quality in assets, various deposits and solid funding base, and he expects continued growth in profits in addition to enhanced corporate governance.

JIB general manager Musa Shihadeh said the bank is confident of keeping the growth in its all operations in addition to its constant pursuit to provide best banking services that are compliant with provisions of Sharia.

Assets including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) was about $5.47 billion at the end of March 31 as against $5.44 billion at the end of last year.

Facilities granted for customers including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached about $4.02 billion during the first quarter when compared to $3.71 billion at the end of last year with a growth of 8.2 per cent.

Clients’ deposits including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached about $4.91 billion at the end of the first quarter compared with $4.89 billion as of December 31 last year.

Owners equity reached about $414.67 million at the end of the first quarter compared to $397.74 million at the end of last year with a growth of four per cent.

Capital adequacy ratio reached about 20.40 per cent as of March 31.

Non-performing finance reached 3.7 per cent with a coverage ratio 111 per cent.

Shihadeh said the bank would continue to expand banking financings grants especially for SMEs and also look to open more branches and cash offices. – TradeArabia News Service