JIB reports US$136.1 million profits before tax, 25% cash dividends

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Jordan Islamic Bank (JIB), one of Al Baraka Banking Group Units, announced its financial results for the 2021 year, reporting growth in various financial indicators.

The Bank’s Board of Directors also recommended distributing cash dividends to Shareholders by 25% of the par value of the share for the year 2021.

Net profits before tax amounted to about US$ 136.1 million, compared to about US$ 118.2 m, with a growth rate of 15.1%. Profits after tax amounted to about US$ 83.3 m compared to about US$ 73.5 m at the end of 2020, with a growth rate of 13.3%.

The joint investment revenues reached US$ 293.9 m, compared to US$ 271.1 m at the end of 2020, with a growth rate of 8.4%. Chairman of the Board of Directors, Musa Shihadeh, said the growth emphasizes the bank’s ability to work in various circumstances with efficiency and competence, despite the various economic challenges and the negative effects on the national economy resulting from the consequences of the Corona pandemic.

CEO/General Manager of the Bank, Dr Hussein Saeed, the Bank’s assets, including (specified investment accounts and wakala investment accounts (investment portfolios)), reached about US$ 8.40 billion, compared to about US$ 7.65 bn at the end of 2020, with an increase of about US$ 742 m, and a growth rate of 9.7%.

The bank said it has also strengthened and developed its financing and investments to include various sectors of individuals and companies, taking into account the geographical distribution.

Where the facilities granted to clients including (specified investment accounts and wakala investment accounts (Investment portfolios)) amounted to about US$ 6.69 bn, compared to about US$ 6.04 bn at the end of 2020, with an increase of about US$ 647 m, and a growth rate of 10.7%.

The clients’ deposits and accounts, including ((specified investment accounts and investment wakala accounts (Investment portfolios)) amounted to about US$ 7.45 bn, compared to about US$ 6.77 bn at the end of 2020, with an increase of about US$ 677 m, and a growth rate of 10%. This reflects the clients’ confidence in the products the Bank provides which are the best, latest and compatible with the provisions and principles of Islamic Sharia.