JD 43.9 million profits of the Jordan Islamic Bank for the first half of the year 2020 before tax with growth rate 12.3%

  JIB announced its financial results achieved until the end of the first half of the current year 2020, with the approval of the Board of Directors of the bank headed by Mr. Musa Shihadeh, Chairman of the Board of Directors, where the bank was able to achieve growth rates in its various financial indicators, achieving a growth rate in profits about 12.3% to reach the net profits before the tax JD 43.9 million, compared to JD 39.1 million for the first half of 2019, and after the tax the profit amounted to about JD 27.3 million compared to about JD 24.5 million for the first half of the year 2019, with a growth rate about 11.3%. Mr. Musa Shihadeh said that , by the grace of almighty Allah, Jordan Islamic Bank was able during the first half of this year to continue to achieve positive financial and indicators results, and achievements at various economic and social levels and won several awards from regional, international and global institutions as the best Islamic bank in Jordan for the year 2019 and the Excellence Award in the field of social responsibility for financial institutions and Islamic banks (commitment) for the year 2020 at the level of the Islamic banking sector in the Arab region, and this is a confirmation of the bank's excellence in providing Islamic banking services and products in the Jordanian banking market, despite the effects of the Corona pandemic that affected on the various economic sectors in Jordan and around the world, and that increased determination and made different efforts to confront it, so that the bank has an active and positive role in dealing with this pandemic and the ability to deal with it while adhering to the instructions issued by government agencies and the Central Bank of Jordan in this regard. Shihadeh stated that the Board of Directors and in cooperation with the bank’s Executive Management and all the bank’s employees, continues to exert their efforts in their respective locations and according to its duties and responsibilities, so that the bank continues to implement its strategies and plans for growth and provide the best services and banking transactions and business development in all fields, especially digital technology in accordance with the provisions and principles of Islamic Sharia. Dr. Hussein Said, CEO / General Manager of JIB said that the improvement in the growth rates in most of the financial indicators that our bank was able to achieve it until 30/6/2020, emphasizes the strength and durability of our bank's solvency, which is derived from the implementation of a solid strategy to meet various challenges with diversification in different services and modern products that target and meet the needs of different sectors, As the growth rate in the bank's assets including (restricted investment accounts, Al Wakala bi Istithmar (investment portfolios)) until the end of the first half of the current year about 2.2%, the assets reached to about JD 5.079 billion compared to about JD 4.970 billion at the end of 2019. The growth rate in Customers' deposits, including (restricted investment accounts, Al Wakala bi Istithmar (investment portfolios) until the end of the first half of the current year amounted about 2%, to reach deposits of about JD 4.484 billion compared to JD 4.395 billion, as at the end of 2019. The facilities granted to customers including (restricted investment accounts, Al Wakala bi Istithmar (investment portfolios) until the end of the first half of the current year amounted about 3.2%, to reach JD 3.941 billion compared to JD 3.817 billion at the end of 2019. The Capital Adequacy Ratio was 24.06%, the Return on Average Equity (ROAE) reached about 12.53%, and The Return on Average Assets (ROAA) reached about 1.21% and liquidity ratio about 131%. Dr. Hussein Said stated that the measures taken by the bank in dealing with the Corona pandemic supported the bank’s strategy in supporting its customers and providing them with the best banking services through enhancing digital banking services and achieving the principle of financial inclusion to reach various segments of society through the bank’s digital channels (mobile banking and internet banking ), and the call center for customer service or through the bank’s website or email or the bank’s own page on Facebook, or creating appropriate technical conditions for employees to work with the introduction of a number of advanced banking systems and applications that work to meet the needs of customers with ease and safety at all times alongside Supporting our bank customers and mitigating them in light of the Corona pandemic, postponing the installments resulting from the retail funds for three months (March, April and May) of the current year and without any additional fees or commissions on this postponement, as a confirmation of our bank’s commitment to its national duty and social responsibilities, commitment and support for the efforts and decisions issued by government agencies and the Central Bank of Jordan in serving and supporting the national economy and the local community to overcome the repercussions of this pandemic, God willing, and work is underway to study the mechanism of repaying the funds granted to the sectors most affected and mitigate them as possible.