Jordan Islamic Bank posts $ 14.71 Million in net profits for the first quarter of 2014

April 28, 2014 3:17 pm

Jordan Islamic Bank (JIB) has achieved US$ 14.71 million in net profits after tax in the 1st quarter of 2014 compared to US$ 14.68 million during the 1st quarter of 2013. Mr. Adnan Ahmad Yousif, Chairman of the Board of Directors of JIB / President & Chief Executive of AlBaraka Banking Group /Bahrain said that Board of Directors of Jordan Islamic Bank approved the financial statements for the first quarter of current year during its meeting held in Amman on 27th April 2014, considering the results that JIB achieved in the first quarter a reflection of its ability to continue to grow due to its solid financial position , its assets quality and the policy the bank adopts in the light of the continual political, economic and financial turmoil in the region and the world and their implications on the field of business. Moreover, he appreciates the efforts exerted by the Bank’s Executive Management and employees, Central Bank of Jordan (CBJ) and official and control authorities for their support and cooperation with Jordanian banks and Islamic banking.

With respect to the financial statements during the first quarter of this year, Mr. Musa Abdelaziz Shihadeh, Vice Chairman, General Manager of JIB expressed how much pleased he is with the achieved results which indicate an increase in the most of its figures. The Bank’s assets with managed accounts added to (restricted investment accounts and Muqarada bonds) reached about US$ 5.079 billion during the 1st quarter of the current year compared to US$ 4.968 billion by the end of 2013.

Clients’ deposits (including restricted investments and Muqarada bonds) reached about US$ 4.581 billion compared to about US$ 4.500 billion as of 31/12/2013. Facilities and investments (including restricted investments and Muqarada bonds) reached about US$ 3.565 billion during the 1st quarter of the current year compared to US$ 3.519 billion at the end of 2013.

Mr. Shihadeh indicated that the non- performing finance (NPF) ratio reached about 4.34%, its coverage ratio about 86%. Owner’s equity increased during the 1st quarter of current year to reach about US$ 374.9 million compared to US$ 360.3 million at the end of 2013 with a growth of 4.1%, where the return on average equity (ROAE) reached about 16.01%.

Mr. Shihadeh confirmed that the Bank follows- up the official procedures in enhancing its capital base by increasing its paid capital from US$176.31 Million/ share to US$ 211.57 Million/ share by distributing 20% as free shares to shareholders in compliance with the decision of the Extraordinary General Assembly in addition to distributing cash dividends to shareholders at 15% for the year 2013 as of 15th May 2014.

Mr. Shihadeh added that the Bank will successfully continue its strategy aiming to achieve growth in all fields , face different challenges, avoid risks , diversify the bank’s activities, investments and financings, provide the latest banking services and products according to the provisions and principles of islamic sharia and enhance its presence in the Jordan banking market by the expansion of branching network which consists of 84 branches and cash offices in addition to 143 ATMs distributed in all parts of the kingdom.

It is worth mentioning that Jordan Islamic Bank is one of the subsidiary units of Al Baraka Banking Group which is a Bahrain Joint Stock Company licensed as an Islamic wholesale bank by Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion and is rated by Standard & Poor’s at BB+ (long term) / B (short term). Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of Al Baraka is US$ 1.5 billion, while total equity is at about US$ 2 billion.

The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in fifteen countries, which in turn provide their services through more than 480 branches. Al Baraka currently has a strong presence in Jordan, Tunisia, Sudan, Turkey, Bahrain, Egypt, Algeria, Pakistan, South Africa, Lebanon, Syria, Indonesia, Libya, Iraq and Saudi Arabia.