JIB Q1 profits before tax reach JD 16.6 m

During the first quarter of 2019, Jordan Islamic Bank (JIB) achieved profits before tax that amounted to about JD 16.6 million, compared to JD 15 million for the first quarter of 2018, with a growth of 10.4%. Profits after tax amounted to about JD 10.4 million compared to about JD 10.2 million for the first quarter of 2018 with a growth of 2.3%. Mr. Adnan Ahmed Yousif, Chairman of the Board of Directors of Al Baraka Banking Group, said: "The financial results achieved by JIB during the first quarter of this year and approved by the Board of Directors at its meeting held in Amman on 28/4/2019 confirm the soundness and strength of the bank's financial position, the solidity of its balance sheet and the quality of its assets, despite the various challenges that still surround the region. During the first quarter of this year, the Bank continued to receive distinguished international awards and credit ratings. He expressed his pride in the efforts of the Executive Management and all the employees of the Bank for the results achieved and the efforts of the official and regulatory bodies and the Central Bank of Jordan to support and develop the Jordanian banking sector and Islamic banking. Commenting on the results, Mr. Musa Shihadeh, General Manager of Jordan Islamic Bank, said: "Our bank continues to make more efforts to achieve accomplishments at various levels. The financial results achieved by our bank until 31/3/2019 confirm the soundness of the policy adopted by the Bank to enhance its position in the Jordanian banking sector and achieve its mission in support of the national economy and the local community. The Bank’s total assets including (restricted investment accounts, AL Wakala bi Istithmar (investment portfolios) amounted to about JD 4.64 billion. Facilities granted for customers including (restricted investment accounts and AL Wakala bi Istithmar (investment portfolios)) amounted to about JD 3.6 billion by the end of the first quarter of 2019. Clients’ deposits including (restricted investment accounts and AL Wakala bi Istithmar (investment portfolios)) amounted to about JD 4.11 billion by the end of the first quarter of 2019. These results were reflected in the main performance indicators of the Bank. Capital Adequacy Ratio (CAR) reached about 22.48% as of 31/3/2019, the Coverage Ratio of Non –Performing Finance (NPF) reached about 113.23%. By the end of the first quarter of 2019, Owners equity increased to about JD 404 million. Shihadeh pointed out that the bank has strengthened its presence in the Jordanian banking market by expanding the branching network until it reached 107 branches and offices during the first quarter of this year with the opening of a new branch and office In addition to providing 234 ATMs spread throughout Jordan, while continuing to provide the best services and modern banking products that comply with the provisions and principles of Islamic Sharia. Shihadeh added that the bank continues to enhance financial coverage by diversifying the investments and financing it offers to various segments of the society from individuals, companies and small and medium enterprises as well as providing major funding to various national institutions in various sectors. During the first quarter of this year, two Murabaha financing agreements were signed with the National Electric Power Company, amounting to 334 million Dinars, guaranteed by the Government of the Hashemite Kingdom of Jordan in support of the national economy and the activities of its institutions.