JIB posts $16.5m profits after tax

Manama  : Jordan Islamic Bank (JIB), a subsidiary of Al Baraka Banking Group, posted a profit after tax of about US$16.5 million in the first quarter of 2016 compared to about US$16.1m for the first quarter of 2015 with a growth of about 3 per cent, whereas profits before tax for the first quarter of 2016 amounted to about US$25.4m compared to about US$23.4m in the same period of 2015.

Commenting on the results, Adnan Ahmed Yousif, Chairman of JIB, President and Chief Executive of Al Baraka Banking Group (ABG) confirmed the safety and strength of the financial position of the bank, its solid balance sheet and the quality of its assets which reflect the sound strategy adopted by the Bank’s board and management in facing various challenges surrounding the region with the continuation to achieve further distinguished financial results. 

For his part, Musa Shihadeh, CEO / General Manager of JIB said the financial results the bank achieved during the first quarter of 2016 confirm keeping the growth in various financial indicators. The total assets including (restricted investment accounts, muqarada bonds and investment by proxy accounts increased to about US$5.94 billion at the end of March 2016 compared to about US$5.88bn at the year – end 2015 with a growth of
1.2pc.

Facilities granted for customers including (restricted investment, muqarada bonds and investment by proxy) increased to about US$4.53bn by the end of the first quarter of 2016 compared to about US$4.44bn at the end of 2015 with a growth of 2pc.

Clients’ deposits including (restricted investment accounts, muqarada bonds and investment by proxy accounts) increased to about US$5.33bn at the end of the first quarter of 2016 compared to about US$5.29bn at the end of 2015 with a growth of 1pc.

By the end of the first quarter of 2016, owners’ equity increased to reach about US$455.6m compared to about US$438.6m at the end of 2015 with a growth of 3.8pc.

These results reflected on the key performance indicators of the bank, where the Capital Adequacy Ratio (CAR) stood at 20.88pc, Non –Performing Finance (NPF) reached about 3.71pc, the Coverage Ratio 113.5pc as of 31/3/2016.