Recommendation to distribute 12% cash dividends to shareholders JD 83.8 million profits of Jordan Islamic Bank before tax at the end of 2020

            Jordan Islamic Bank announced achieving good levels of performance for its financial results at the end of 2020, where the total joint investment revenues exceeded JD 200 million compared with JD 196.7 million, with a growth rate of 1.8%. The bank has strengthened its financial provisions until the end of 2020 in order to face any consequences or negative effects of the Corona pandemic, and net profits before tax amounted to about JD 83.8 million, while profits after tax reached about JD 52.1 million. Mr. Musa Shihadeh, Chairman of the Board of Directors of JIB stated that the Board of Directors met on 8/2/2021 and discussed the bank’s final financial statements for the year 2020 and submitted its recommendation to the Ordinary General Assembly that will hold its meeting on 22/4/2021 to distribute cash dividends to Shareholders for the year 2020 by 12% of the nominal value of the share, which is the maximum permissible limit, based on the circular of the Central Bank of Jordan in this respect. Indicating that the bank’s results reflect the bank’s ability to deal with economic challenges resulting from regional conditions and the consequences of the Corona pandemic, praising the efforts made by the executive management, the board of directors and workers in the bank to implement the bank’s strategic plan to maintain a distinguished position among Jordanian banks, appreciating the efforts of the Central Bank of Jordan and the official bodies and institutions supporting the Jordanian banking system to confront the effects of the Corona pandemic and any challenges that may arise. Dr. Hussein Said, CEO / General Manager of Jordan Islamic Bank, said that despite the negative effects of the Corona pandemic, which produced changes in the business environment and affected various sectors and led to a state of uncertainty, all the financial statements of our bank confirm the strength of the financial situation and the efficiency of performance with adherence to the requirements of governance, compliance and facing risks, so that to be reflected in the growth rates in most financial indicators, where the bank's assets, including (specified investment accounts and wakala investment accounts (investment portfolios)), amounted to about JD 5.43 billion compared to about JD 4.97 billion at the end of 2019, with an increase of about JD 456 million, with a growth rate of 9.2%. The facilities granted to clients including (specified investment accounts and wakala investment accounts (Investment portfolios)) amounted to about JD 4.28 billion compared to about JD 3.82 billion at the end of 2019, with an increase of about JD 465 million, with a growth rate of 12.2%, reflecting the interest of our bank to diversify its investments develop, investments and financings for various sectors of individuals, companies or SMEs, and their geographical distribution. Also, our bank’s keenness to provide advanced and modern banking services that are compatible with the provisions and principles of Islamic Sharia, strengthened the confidence of its clients as the clients deposits and accounts, including ((specified investment accounts and investment wakala accounts (Investment portfolios)) reached about JD 4.80 billion compared to about JD 4.39 billion at the end of 2019, with an increase of about JD 407million, with a growth rate of 9.3%. Confirming the strength of the bank's capital base, the shareholders' equity amounted to about JD 474 million, compared to about JD 422 million at the end of 2019, with a growth rate of 12.5%. The capital adequacy ratio (CAR) reached about 23.75%, and the Non- Performing Financing (NPF) reached 3.13% and the coverage ratio of Non- Performing Financing (NPF) reached 104%, "noting that these results are preliminary and subject to the approval of the Central Bank of Jordan and the General Assembly." Dr. Hussein Said added that JIB continued to assume its social responsibilities through its various contributions to achieve sustainable development, providing aid and donations to serve the local community and the national economy, and support the national efforts made by the government and various official institutions to confront the Corona pandemic and provide various aspects of social and health care to citizens by donating an amount of JD 2.150 million to support Himmat Watan Fund and the Ministry of Health, the bank has also taken many measures in accordance with the instructions of the government agencies and the Central Bank of Jordan in reducing the burdens on the retail sector "individuals" and companies in the sectors that are affected by the consequences of the Corona pandemic by making it easier for them in reimbursing, by postponing the installments and / or restructuring them. The bank also endeavored to expand and provide financing and investment services through digital electronic channels for individuals (Digital Banking), developing and introducing a number of advanced banking systems and applications to meet the needs of customers through Islami / mobile services and Islami / Internet services. In addition, the electronic wallet service (JoMoPay) that was launched through mobile banking application, in addition to many services to relieve the bank’s individual and corporate clients. The services provided through ATM have also been expanded, which reached 268 ATMs, and work is underway to expand the digital branches (Corners) to provide banking services using technology, which will enhance digital banking services. The bank continued to implement the plan of expansion and geographical spread during the current year until it reached 108 branches and offices spread all over Jordan by opening new branches and offices or converting offices into branches or moving them to new sites owned by the bank.