JIB reports $16.5m profits in Q1

Mr. Adnan Ahmed Yousif, Member of the Board of Directors and President and Chief Executive of ABG

MANAMA: Jordan Islamic Bank (JIB), a subsidiary of Bahrain-based 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$ 16.1 million for the first quarter of 2015 with a growth of about 3%, whereas profits before tax for the 1st quarter of 2016 amounted to about US$ 25.4 million compared to about US$ 23.4 million in the same period of 2015.

Mr. 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. However, the Board of Directors of the Bank (BOD) approved the financial statements for the first quarter of the current year during its meeting which has been held in Amman on 26th April 2016, commending all the efforts exerted by the executive management and staff of the bank to achieve these results, the support of the Central Bank of Jordan (CBJ) and the official and supervisory authorities to improve the performance of Jordanian banking sector and the particularity of Islamic banking.

Mr. 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$ 5.88 billion at the year – end 2015 with a growth of 1.2%.

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

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

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

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

Mr. Shihadeh added that JIB will continue to achieve greater achievements in various fields and provide the best banking services in compliance with provisions and principles of Islamic Sharia to meet the ambitions and aspirations of the bank’s clients.

Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor’s at BB+ (long term) / B (short term).

Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of Al Baraka is US$ 1.5 billion, while total equity is at about US$ 2.1 billion.

The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in fifteen countries, which in turn provide their services through over 600 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.

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