JD 61.1 million profits of Jordan Islamic Bank in 2022 after tax

The Board of Directors recommends distributing25 % cash dividends to shareholders Jordan Islamic Bank announced that it achieved growth in all its financial results at the end of the year 2022, achieving net profits after tax about JD 61.1 million, compared to about JD 59.1 million, with a growth rate of 3.5%. Joint investment profits amounted to about JD 224.1 million, compared to about JD 214.4 million at the end of the year 2021, with a growth rate of 4.5%. Mr. Musa Shihadeh, Chairman of the Board of Directors of Jordan Islamic Bank, said that we, "thank God," are proud of what our bank was able to achieve during the year 2022, in light of the economic recovery phase after the Corona pandemic and the economic challenges represented by high inflation rates in the region and the world and their repercussions on the business environment, as an affirmation of our bank’s ability to implement its flexible strategy aimed at facing various challenges and achieving progressive achievements in various indicators, praising the performance of the executive management and all employees of the bank to continue working in implementing the plans and strategy set to achieve goals and achievements. He also praised the prudent policies and procedures launched by the Central Bank of Jordan to maintain stable monetary policy and the attention it attaches to the specificity and nature of the work of Islamic banks, support and assistance them, expressing optimism that the bank will continue to achieve an effective and supportive performance to enhance the bank's leading position in the Jordanian banking market. Shihadeh indicated that the bank's board of directors approved the bank's financial statements for the year 2022 in its meeting on 14/2/2023 and recommended distributing cash dividends to shareholders at a rate of 25%, of the par value of the share for the year 2022, with a total amount of JD 50  million, during the meeting of the Ordinary General Assembly, which will be held on 27/4/2023. Commenting on the bank’s results at the end of 2022, Dr. Hussein Said, CEO/General Manager of Jordan Islamic Bank, said, “Our bank was able to achieve clear growth and sustainable development in keeping pace with developments, facing challenges, diversifying and expanding digital banking services and products, financing, investments, and supporting productive and development projects to reach the largest segment of society.” While continuing to control operating expenses, preserving the integrity and solidity of its financial and administrative conditions, which enabled it to be able to face crises, to achieve growth rates in its various financial indicators. The assets, including (specified investment accounts and wakala investment accounts (investment portfolios)), amounted to about JD 6,190 billion compared to JD 5.953 billion at the end of 2021, with an increase of about JD 237 million, with a growth rate of about 4%. And in implementation of the policy of financial inclusion and geographical diversification of various sectors to develop investments and financing and achieve profitable returns directed to individuals, small and medium enterprises and companies, The funds granted to customers, including (specified investment accounts and wakala investment accounts (investment portfolios), amounted to about JD 5.198 billion compared to about JD 4.741 billion at the end of 2021, with an increase of about JD 457 million, with a growth rate of about 9.6%. Dr. Hussein Said indicated that the confidence of the bank's customers was a reflection of the bank's investment activities and advanced banking services, as customer deposits, including (specified investment accounts and wakala investment accounts (investment portfolios), amounted to about JD 5.533 billion, compared to JD 5.283 billion at the end of 2021, with an increase of about JD 250 million, with a growth rate of about 4.7%. Shareholders’ equity amounted to about JD 520.6 million, compared to about JD 509.6 million at the end of 2021, with a growth rate of about 2.2% and a Capital Adequacy Ratio (CAR) of about 21.21%. This confirms the Bank's maintenance of a strong capital base and a solid financial position. The Bank also continued to maintain the quality of its credit portfolio, as Non- Performing Finances (NPFs) reached about 2.68% and its coverage ratio was about 100%. He pointed out that the bank achieved geographical expansion during the year 2022 by opening two banking offices, moving a branch to a new location owned by the bank, and converting five banking offices into mini branches, so that the bank has 111 branches and offices spread throughout the Kingdom, and the second digital corner of the bank was opened in the Pavilion Mall office/ Capital Governorate to provide various self-banking services, and the bank ranks first with the largest number of ATMs among banks operating in the Kingdom with 317 machines spread all over Jordan, in addition to the expansion of digital banking services such as (Islami Mobile, Islami Internet, Islami ATM and banking cards of all kinds). These achievements culminated in continuing to win the award for the best and safest Islamic bank and financial institution in Jordan for the year 2022 and other awards from international magazines and institutions such as (The Banker, Global Finance, World Finance...etc) and achieving distinguished credit and legitimacy ratings. In addition to the bank’s continuation in assuming its social responsibilities through its care and support for many national initiatives and social activities that achieve the principle of social solidarity and serve the local community, the national economy and sustainable development. It is worth noting that these results are preliminary and subject to the approval of the Central Bank of Jordan.