JIB reports $39.9m net profit in nine months

President and CE ABG, Adnan Yousif
Jordan Islamic Bank (JIB), one of the subsidiaries of the Al Baraka Banking Group (ABG) reported net profits, after tax, reaching $39.92 million compared to about $29.62 million in the same period in 2011.

Adnan Ahmad Yousif, Chairman of the Board of JIB , CEO of AlBaraka Banking Group Bahrain indicated that the growth in the third quarter net profits of 2012 resulted from the continuation of growth in different financial indicators in spite of the economic and political crises the surrounding area witnesses and their impacts on national economy and this reflects the Bank’s strength and its firm strategy that is capable of dealing with different circumstances in addition to the leading position the Bank occupies and obtaining many global ratings whose latest was during September whereas Standard & Poor’s rating services reaffirmed its long and short term credit ratings on Jordan Islamic Bank (JIB)at “BB/B” with a negative outlook. The Bank obtained “bb” anchor for the adequate business position it maintains, sticking to consistent strategy, adequate risk position, average funding and strong liquidity which enabled the Bank to have a leading position for it is considered the biggest Islamic bank in Jordan and the third- largest bank in Jordan banking sector.

Yousif said that the bank’s continuation to obtain global ratings asserts the success of the Bank and its team including executive management and staff in dealing with the developments and international and regional conditions in addition to follow conservative and sensible policies commending efforts of official and control authorities and CBJ for their continual cooperation and constant support of Jordan banking institution and Islamic banking.

Abdelaziz Shihadeh, Vice Chairman, General Manager of JIB said that most financial indicators of the Bank indicated an increase till 30/9/2012. The Bank’s assets with accounts managed added to (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached about $4.68 billion as of 30/9/2012 compared to $4.43 billion end of 2011 with an increase of about $241.18 million with a growth of 5.4% which asserts the bank’s advancement and development to enhance its position in Jordan banking sector.

Shihadeh said that facilities granted for customers with facilities granted from managed accounts added to reached about $3.29 billion at end of September, 2012 compared to $2.51 billion at end of 2011 with an increase reached about $777.15 million with growth of 31 %

Customers’ deposits with managed accounts added to reached about $4.23 billion compared to $3.99 billion at end of 2011 with an increase reached about $207.33 million with growth of 5.1 %. Thus, this indicates the extent to which clients are confident of the Bank’s financial position strength.

Shihadeh pointed out that the Bank enhanced its capital base by increasing its capital to $176.3 million share during the current year so that ownership equity become about $311.1 million till 30/9/2012, capital adequacy ratio (CAR) reached 17.95%, the rate of return on Average equity (ROAE) after tax reached 17.7%.

The authorized capital of Al Baraka is $1.5 billion, while total equity amounts to about $1.8 billion.

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