JIB records H1 profits after tax of $39.5m

Manama : Jordan Islamic Bank (JIB) yesterday announced financial results for the first half of 2016 recording profits after tax of about US$39.5 million compared with about US$35.3m for the first half of 2015 with a growth of nearly 11.5 per cent. 

Profits before tax of JIB, a subsidiary banking unit of Al Baraka Banking Group (ABG) and its investment arm in Jordan, was about US$59.8m, compared to US$52.5m in the same period of the last year with a growth of nearly 14pc. 

Commenting on the results, Musa Shihadeh, CEO – General Manager of JIB said the bank’s assets including (restricted investment accounts, muqarada bonds and investment by proxy accounts) grew by 3.9pc during H1 2016 amounting to about US$6.11 billion compared to about US$5.88bn by the end of 2015.

Adnan Ahmed Yousif, Chairman of Jordan Islamic Bank / President & Chief Executive of Al Baraka Banking Group in Bahrain, said he is pleased with the efforts exerted by the executive management and the bank’s staff to implement the strategic plan and sustain growth to achieve good results. 

Clients’ deposits achieved a growth of 4.2pc, amounting to about US$5.50bn by the end of H1 2016 compared to about US$5.29bn by the end of 2015. 

Musa Shihadeh indicated that after the distribution of the cash dividends at 15pc for the previous year 2015 during April month of the current year, the growth of owners’ equity reached about 1.7pc at the end of the first half of 2016 amounting to about US$446.5m compared to about US$438.9m by the end of 2015. Profit per share increased for the six months period ending June 30th to US$0.262 compared to US$0.236 at the end of June of the last year.