JIB posts profits before tax of JD 88.6 million for 2019 with a growth rate 17.4%

Jordan Islamic Bank has achieved upward growth with its various financial indicators at the end of the year 2019, as the net profits before tax achieved by Jordan Islamic Bank at the end of 2019 increased to about JD 88.6 million, compared to JD 75.4 million at the end of 2018, with a growth rate 17.4%, while profits reached after tax reached about JD 54.3 million, compared to about JD 49.8 million for the year 2018, with a growth rate 9.1%. Mr. Musa Shihadeh / Chairman of the Board of Directors of JIB expressed his pride in the progressive growth rates achieved by the bank in its various financial results and the continuity of its effective contribution in the service of the national economy that matches the aspirations of the bank’s customers and shareholders, and emphasizes on the success of the bank’s strategic plan in facing the various challenges that are still surrounding the region and the ability to deal with them with the utmost efficiency to more achievements, praising the efforts of the executive management and all employees of the bank to implement the strategic plan with a high professionalism to maintain a solid financial and credit position, expressing his thanks and appreciation to the Central Bank of Jordan (CBJ) and to governmental institutions and bodies that consider and support the privacy of Islamic banking. Noting that the Board of Directors of Jordan Islamic Bank has approved the final financial statements of the bank for the year 2019 and decided in its meeting held on 6/2/2020 to recommend to the ordinary General Assembly which will hold its meeting on 20/4/2020 distributing cash profits to shareholders for the year 2019 In percentage 15% of the par value of the share. Dr. Hussein Said, CEO / General Manager of Jordan Islamic Bank stated about the bank’s financial results for 2019 that achieving growth in the various bank’s financial indicators with commitment and compliance with the principles of governance in facing risks, which was clearly reflected on all the results of the bank, which strengthened the bank's position in the Jordanian banking sector, where the growth rate in the bank's assets, including (specified investment accounts and wakala investment accounts (investment portfolios)), reached about 7.6% to about JD 4.970 billion, compared to about JD 4.617 billion at the end of 2018, with an increase amounted to about JD 353 million. The facilities granted for customers including (specified investment accounts and investment wakala accounts (Investment portfolios) grew by around 7.5% amounting to about JD 3.817 billion compared to about JD 3.551 billion at the end of 2018 with an increase of about JD 266 million. This is to confirm the bank’s interest in the importance of investing funds through diversifying its investments and financings, developing and distributing them geographically among different sectors, including individuals, companies, and small and medium enterprises (SMEs), and within a clear and specific policy. The bank also continues to provide banking products and services that keep pace with the latest technological developments and are compatible with the provisions and principles of Islamic Sharia which enhance the confidence of the Bank's, clients as their deposits and accounts including (specified investment accounts and investment wakala accounts (Investment portfolios)) reached about 7.6% amounting to about JD 4.395 billion compared to about JD 4.086 billion at the end of 2018, with an increase to about JD 309 million. Dr. Hussein said has added that Shareholders' equity grew by 7.2 % to reach about JD 412.6 million compared to about JD 393.4 million at the end of 2018. The Return on Average Equity (ROAE) after tax was about 13.34% with the bank’s capital increasing to JD 200 million during the year of 2019. Capital Adequacy Ratio (CAR) reached about 22.60% at the end of 2019, which exceeds the limit of 12% of the capital adequacy for Islamic banks issued by the Central Bank of Jordan, confirming on the strength of the Bank's capital base. The return on average assets (ROAA) after tax was 1.26%. Where the coverage ratio of Non- Performing Finance (NPF) reached 122.4% and this is in continuation of the bank's of efforts to keep the quality of its assets. “Noting that these results are preliminary and subject to the approval of the Central Bank of Jordan and concerned parties.”