JIB records profits after tax of JD 28 million For H1 2016

By the end of the first half of 2016, Jordan Islamic Bank (JIB) achieved profits after tax in an amount of about JD 28 million compared with about JD 25 million for the first half of 2015 with a growth of nearly 11.5% , where profits before tax amounted to about JD 42.4 million  compared to about JD 37.2 million of the same period of the last year with a growth of nearly 14%. Mr. Adnan Ahmed Yousif, Chairman of JIB , President & CEO of Albaraka Banking Group   ( ABG ) / Bahrain expressed how much pleased he is with  the efforts exerted by the executive management and the bank’s staff to implement the strategic plan and sustain growth to achieve good results which confirm the bank’s solid financial strength and maintain a distinguished position in Jordanian banking sector, in addition to the interest of the great worldwide institutions and magazines in observing the success of our bank to reap numerous awards whose last was the best Islamic bank in Jordan for 2016 from The Banker Magazine , for the fourth consecutive year, which pushes us to keep what we have accomplished and seek to achieve further successes. Concerning the financial statements that Jordan Islamic Bank (JIB) achieved during the first half of 2016 and approved upon  by the Board of Directors of JIB in its meeting held on 27/7/2016, Mr. Musa Shihadeh, CEO – General Manager of JIB said we are pleased to announce that our bank has achieved  good growth ratios in its all financial statements during the first half of the current year, asserting its clear role in boosting the national economy and its development. The bank’s assets including ( restricted investment accounts, muqarada bonds and investment by proxy accounts )  grew by 3.9 % during H1 2016 amounting to about JD 4.33 billion compared to about JD 4.17 billion by the end of 2015. The bank achieved a growth of 3.3 % in the financing and investment activities and in various productive sectors including corporate, retail and Small & Medium enterprises . Facilities granted for customers including (restricted investment accounts, Muqarada bonds, investment by proxy) amounted to about JD 3.26 billion during the first half of 2016 compared to about JD 3.15 billion by the end of 2015. Clients' deposits ( including restricted investment accounts, Muqarada bonds and investment by proxy accounts) achieved a growth of  4.2 % , amounting to about JD 3.90 billion by the end of H1 2016 compared to about JD 3.75 billion by the end  of 2015, in confirmation of the bank’s excellent developed banking services that are in compliance with the provisions and principles of Islamic Sharia. Shihadeh indicated that after the distribution of the cash dividends at 15 % for the previous year 2015 during April month of the current year, the growth of owners’ equity reached about 1.7 % at the end of the first half of 2016 amounting to about JD 316.6 million compared to about JD 311.2 million by the end of 2015. profit per share increased  for the six months period ending June, 30th  to JD 0. 186 compared to JD  0.167 at the end of June  of the last year. These results reflected positively on the performance indicators of the bank. Capital Adequacy Ratio (CAR) stood at about 20.11% as of 30/6/2016  , non-performing assets reached 3.83% with coverage ratio 114.1%. Shihadeh assured the continuation to work  with enthusiasm as one team so that JIB will be always in the lead to achieve the aspirations of its customers and shareholders whose support and  confidence of the bank  for a duration of 37 years and keeping pace with the bank’s development and growth is highly appreciated.