JIB Q1 PROFIT RISES TO $16.08 MILLION

Jordan Islamic Bank (JIB), a subsidiary of Al Baraka Banking Group reported a 9 per cent increase in net profits after tax for the first quarter of 2015 to US$16.08 million from US$14.67m a year ago.

Whereas profits before tax reached about US$ 23.41m compared to about US$20.45m in the same period of 2014 with a growth of about 14.1pc.

Commenting on the results, Chairman, CEO of Al Baraka Banking Group / Bahrain, Adnan Ahmad Yousif said, “The bank has strong assets, quality in assets, various deposits , solid funding base and continued growth in profits in addition to enhance corporate governance.”

The bank’s assets including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached during the first quarter of 2015  about US$5.47bn compared to US$5.44bn as at the end of 2014.

Facilities granted foe customers including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached about US$4.02bn during the first quarter of 2015 compared to US$3.71bn at the end of 2014 with a growth of 8.2%.

Clients ‘deposits including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached about US$ 4.91bn when compared to US$4.89bn as of December 31, 2014.

Owners equity rose 4pc to US$414.67m and Capital Adequacy Ratio (CAR) reached about 20.40pc as of 31 March 2015. Non Performing Finance (NPF) reached 3.7pc with a coverage ratio 111pc.

Musa Shihadeh, General Manager of JIB assured that the bank will continue its progress in order to achieve more accomplishments and provide new banking services.