Jordan Islamic Bank (JIB), a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), net profits after tax reached $51.34 million compared to $39.92 million in the same period in 2012. Profits before tax reached about $73.77 million compared to about $56.70 million with a growth of 30 per cent.
Adnan Ahmed Yousif, Chairman of the Board of JIB, President & Chief Executive of Al Baraka Banking Group in Bahrain, indicated that the growth in net profits of the third quarter 2013 resulted from the continuation of growth in different financial indicators in spite of the economic and political crises the surrounding area witnesses and their impacts on national economy.
JIB is the biggest Islamic bank in Jordan and the third-largest bank in the country’s banking sector. JIB has 80 branches and cash offices and 133 ATMs.
Musa Abdelaziz Shihadeh, Vice Chairman, CEO/General Manager of JIB said that the growth the bank has achieved in its financial statements in addition to the growth achieved in profits asserts the safety of approach and strategy the bank follows in the management of its different assets, investments and finances which aim to benefit national economy in order for the bank to achieve a distinguished status which asserts the success and ability of islamic banking to achieve best results.
Assets, including restricted investment accounts and Muqarada bonds, reached $4.94 billion as of 30 September 2013 compared to $4.65 billion at the end of 2012 up 5.8 per cent.
Facilities granted for customers together with facilities granted from restricted investments accounts and Muqarada bonds reached $3.60 billion at end-September 2013 compared to $3.47 billion.
Customers’ deposits (including restricted investment accounts and Muqarada bonds) rose 5.7 per cent to $4.40 billion.
Shareholders’ equity reached $348.38 million. The return on average equity (ROAE) was 20.4 per cent, return on average assets (ROAA) 1.57 per cent, efficiency ratio reached 36.5 per cent and non performing finance (NPF) was 4.37 per cent.
*This article was published by CPI Financial. Read the original article here.