JIB posts profits before tax of JD 81 million for 2017

Despite unsettled political and economic circumstances in the region, Jordan Islamic Bank (JIB) has achieved good financial results at the end of 2017 to achieve net profits before tax of about JD 80.9 million and after tax JD 54.1 million. Mr. Adnan Ahmed Yousif, Chairman of JIB ,President & Chief Executive of Al Baraka Banking Group (ABG) / Bahrain commended the financial results that JIB has achieved during 2017  and  the efforts exerted by the executive management, Board of Directors and employees of the bank to keep on applying the strategic plan to maintain a distinguished position among conventional and Islamic banks , achieve further growth and reap many global prizes and ratings , commending the efforts of the Central Bank of Jordan (CBJ) , official institutions and organizations supporting the Jordanian banking sector and Islamic banking. With regard to the key financial indicators the bank achieved by the end of 2017, Mr. Musa Shihadeh, CEO – General Manager of JIB  said that most of the financial indicators achieved “ Thank god” assert  the strong financial and credit position of JIB for its commitment to apply its mission and vision efficiently while adhering to  the principles of governance  and risk management to achieve growth in most financial figures. However, the growth in total assets including ( restricted investment accounts, Muqarada bonds and investment  by proxy “ Investment Portfolios” ) reached around 3.6 % amounting to about  JD 4.67  billion compared to about JD 4.50 billion at the end of 2016 with an increase of  JD 163 million. The bank showed interest in the development of its investments and financings and distributing them geographically for different sectors including individuals, corporates or SMEs and diversify their investments within a clear and specific policy to achieve good results. Thus, the growth in facilities granted for customers including ( restricted investment accounts, Muqarada bonds and investment by proxy “ Investment Portfolios” ) reached around 3.8% amounting to about JD 3.37 billion compared to about JD 3.24 billion at the end of 2016 with an increase of about JD 122 million Shihadeh indicated that JIB reinforced the clients’ trust of the bank through its constant interest to provide developed banking services in compliance with the provisions and principles of Islamic Sharia. The growth in clients' deposits and accounts ( including restricted investment accounts, Muqarada bonds and investment by proxy accounts “ Investment Portfolios”) reached around 3.1% amounting to about JD 4.16 billion compared to JD 4.04 billion at the end of 2016 with an increase of about JD 126 million.  The bank’s revenues reached about JD 220 million and profits of joint investment before distribution reached about  JD 191 million . Shihadeh expressed how much comfortable he is of the performance the bank achieved which asserts the strength of its capital base where the Shareholders’ equity grew by 9.4% amounting to about JD 375 million compared to about JD 343 million at end of 2016 .The Return on Average Equity (ROAE) after tax reached about 15.1%. Capital Adequacy Ratio (CAR) reached about 23 % at end of 2017 compared to about 22.02% at the end of 2016, Return on Average Assets (ROAA) reached 1.30 % ,the Non- Performing Finance Ratio (NPF) reached 4% and their coverage ratio 123%. The bank has assumed its social responsibilities through its different contributions to achieve sustainable development and providing aids and donations to serve local community and national economy  in addition to expand its geographic presence by opening more branches and offices which reached (100) distributed in all parts of the kingdom supported by 206 ATMs during 2017. Furthermore, The Board of Directors has decided in its meeting convened on  7/2/2018 to recommend to the Ordinary General Assembly that will hold its meeting on 26/4/2018 to distribute cash dividends to shareholders for the year 2017 at 15% of the nominal value of shares,.” Noting that these results are preliminary and subject to the approval of the Central Bank of Jordan.”