JIB profit rises to $35.26 million

DT News Network

Manama

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Profits after tax of Jordan Islamic Bank (JIB) in the first half of 2015 increased to reach about US$35.26 million compared to about US$32.02m for the first half of 2014 with a growth of about 10.2 per cent.

The Board of Directors of JIB which is represented by Adnan Ahmed Yousif, Chairman-President & CEO of Al Baraka Banking Group (ABG)/ Bahrain  approved the financial statements for the first half of the current year, expressing his satisfaction with the results the bank achieved  during the first  six months of 2015 which affirm the solid financial status of the bank, its assets quality, safe investments and its commitment to the approved rules and policies of risk management. He appreciated as well the efforts exerted by the bank’s executive management  in achieving balance between growth and profitability and their continuation  to implement the strategic plan with high professionalism.

On his behalf, Musa Shihadeh, CEO – General Manager of JIB said our bank was able to achieve a growth in its various financial indicators during the first half of the current year which asserts its well – established roots in Islamic banking business, its enhanced status in Jordan banking sector and its distinguished role in serving national economy through the growth of the bank’s assets including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) about 3.2pc during the first half of 2015 to reach around US$5.64 billion compared to around US$5.5bn as at the end of 2014.

Shihadeh asserted the development of the bank’s activities in the financing and investment fields and for various productive sectors including corporate, retail and Small & Medium enterprises with a growth of 6.6pc. Facilities granted for customers including (restricted investment accounts, Muqarada bonds, investment by proxy accounts) reached during the first half of 2015 about US$3.95bn compared to about US$3.67bn at the end of 2014.

In confirmation of the customers’ confidence of the bank in various activities and its excellence in providing developed and modern banking services in compliance with provisions and principles of Islamic Sharia , clients’ deposits (including restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached during the first half of 2015 about US$5.08bn compared to US$ 4.94bn at the end of 2014 with a growth of 3.3pc.

For the six months period ending June 30, Owners’ equity  reached about JD406.21m compared to about US$397.74m at the end of 2014 with a growth of 2pc. Capital Adequacy Ratio (CAR) reached as of 30/6/2015 about 19.76pc, non-performing assets reached 4.15pc with coverage ratio 106.9pc.

Shihadeh indicated that Jordan Islamic Bank distributed cash dividends to shareholders by 13pc for the year 2014 during May month  of this year. Profit per share increased  for the six months period ending June, 30  to 0.24 Cent/ US$ compared to 0.21 Cent/ US$ at the end of June  of last year.

Shihadeh added that these results assert safe strategy and future vision of the bank and motivate us to achieve further accomplishments to provide best banking and financial services which keep pace with modern technological developments and meet our clients’ needs  in compliance with principles of Islamic Sharia.