Profits of JIB reached USD 41.04 million for the year 2010 and Distributing Dividends by 15 %
Jordan Islamic bank (JIB) attained net profits before tax reached USD 57.40 million at end of financial year 2010 compared to USD 54.87 million for the year 2009 with a growth of 4.6%, whereas its net profits after tax reached USD 41.04 million compared to USD 39.35 million for the year 2009 and with a growth of 4,3%. The Bank’s Board of Directors represented by H.E. Mr. Adnan Ahmad Yousif, the President & Chief Executive of Bahrain -based Al Baraka Banking Group (ABG) approved the financial statements and recommended to be presented in the General Assembly ordinary meeting that will be held on 26/4/2011 by distributing cash dividends to shareholders by15 % of the bank’s capital.
H.E. Mr. Adnan Yousif expressed how gladly he received the developments the bank witnessed in 2010 by launching its new corporate identity and getting credit ratings and global prizes asserting that the bank makes significant progress towards growth, expanding and diversifying its products.
Moreover, he showed how much comfortable he is for applying the bank strategic plan in employing funds and creating secure investment channels and keeping on improving the service level offered to its clients so as to reinforce Islamic banking industry in Jordan that meets a constant support from different public and private institutions and supervisory authorities headed by Central Bank of Jordan (CBJ).
Mr. Musa Shihadeh , Vice Chairman& General Manager of JIB, said the bank was able to strengthen its position in the Jordanian banking sector through the obvious growth reflected in its financial indicators till 31/12/2010. The total clients’ deposits reached at end 2010 USD 3.306 billion compared to USD2.721 billion in 2009 with an increase of USD 585.33 million by a growth of 21,6%. Thus, this indicates the extent to which clients are confident of Jordan Islamic bank in various activities offered in accordance with the provisions of Islamic Sharia.
The bank runs money in specified investment, investment portfolio and investment by proxy that reach around USD 390.69 million. Shihadeh added that clients’ deposits with the managed accounts added to (specified investment accounts, Muqarada Bonds, investment by proxy accounts) reached at end 2010 about USD 3.657 billion compared to USD 3.085 billion at end 2009 with a growth ratio of 18.5%.
Shihadeh indicated that the increase in finance and investment volume at end 2010 reached about USD 217.21 million to become USD 2.063 billion compared to USD 1.846 billion as at end of 2009 and with a growth of 11.8%, which shows the development of the bank’s activities in the various investment and financing activities.
The total assets at the end of 2010 reached around USD 3.673 billion compared to USD 3.079 billion as at the end of 2009 with an increase reaching USD 593.79 million and with a growth of 19.3 %.
The total of the bank’s balance including the managed accounts ( specified investment accounts, Muqarada bonds, investment by proxy accounts) reached as at the end of 2010 about USD 4.063 billion compared to USD 3.487 billion with a growth of 16.6% as at the end of 2009 .
Shihadeh added that Joint investment profits before distribution reached about USD142.45 million, the general percentage for distributing profits to JD accounts reached 3.89% and in foreign currencies 0.72% and it is among the highest returns rate distributed to the depositors.
Capital adequacy ratio reached at the end of 2010 around 12. 86% based on Basel II standard and around 21.57% according to Islamic banks ‘standard issued from the Central Bank of Jordan.
Shihadeh stated that Shareholders’ equity during 2010 reached about USD 273.06 million compared to USD249.37 millions at end of 2009 and with a growth of 9.5%. The return rate on average shareholders’ equity before tax reached 22% and after tax 15.7%. The return on paid up capital (EPS) reached 29.1%.
Shihadeh added that these results confirm how much proud we are of the pioneering status Jordan Islamic bank obtains on both local and international levels , which also adheres to the bank’s strategy to achieve its future objectives of growth, development along with keeping abreast of modern mechanisms to apply financial and investment services in accordance with principles of Islamic sharia.
It is worth mentioning that the share of our bank to the total assets of banks working in Jordan at the end of 2010 reached 8.2%, to the total of other banks’ saving schemes 11.3%, and to the balances of finance and investment for other banks reached 11.8%.
The Jordan Islamic Bank is one the subsidiary banking units of Al Baraka Banking Group, Al Baraka Banking Group is a Bahrain Joint Stock Company listed on Bahrain Bourse and Nasdaq Dubai. It is a leading international Islamic bank with Standard and Poors long term and short-term credit ratings of BBB- stable and A3 respectively. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$1.5 billion, while total equity amounts to about US$1.8 billion.
The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in thirteen countries, which in turn provide their services through more than 400 branches. These banking Units are Jordan Islamic Bank, Al Baraka Islamic Bank – Bahrain, Al Baraka Bank Pakistan Limited, Al Baraka Bank Algeria, Al Baraka Bank Sudan, Al Baraka Bank Ltd - South Africa, Al Baraka Bank Lebanon, Al Baraka Bank Tunis, Al Baraka Bank Egypt, Al Baraka Turk Participation Bank, Al Baraka Bank Syria, representative offices in Indonesia and in Libya (under formation).
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