JIB records profits increase in H1 to US$ 35.26 million
Profits after tax of Jordan Islamic Bank (JIB) in the first half of 2015 increased to reach about US$ 35.26 million compared to about US$ 32.02 million for the first half of 2014 with a growth of about 10.2%.
The Board of Directors of JIB which is represented by Mr. Adnan Ahmed Yousif, Chairman-President & CEO of AL Baraka Banking Group (ABG)/ Bahrain approved the financial statements for the 1st half of the current year, expressing his satisfaction with the results the bank achieved during the first six months of 2015 which affirm the solid financial status of the bank, its assets quality, safe investments and its commitment to the approved rules and policies of risk management. He appreciated as well the efforts exerted by the bank's executive management in achieving balance between growth and profitability and their continuation to implement the strategic plan with high professionalism.
On his behalf, Mr. Musa Shihadeh, CEO - General Manager of JIB said our bank was able to achieve a growth in its various financial indicators during the first half of the current year which asserts its well - established roots in Islamic banking business , its enhanced status in Jordan banking sector and its distinguished role in serving national economy through the growth of the bank's assets including ( restricted investment accounts, Muqarada bonds and investment by proxy accounts) about 3.2% during the 1st half of 2015 to reach around US$ 5.64 billion compared to around US$ 5.5 billion as at the end of 2014.
Shihadeh asserted the development of the bank's activities in the financing and investment fields and for various productive sectors including corporate, retail and Small & Medium enterprises with a growth of 6.6%. Facilities granted for customers including ( restricted investment accounts, Muqarada bonds, investment by proxy accounts) reached during the first half of 2015 about US$ 3.95 billion compared to about US$ 3.67 billion at the end of 2014.
In confirmation of the customers' confidence of the bank in various activities and its excellence in providing developed and modern banking services in compliance with provisions and principles of Islamic Sharia , clients' deposits ( including restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached during the 1st half of 2015 about US$ 5.08 billion compared to US$ 4.94 billion at the end of 2014 with a growth of 3.3%.
For the six months period ending June , 30th ,Owners' equity reached about JD 406.21 million compared to about US$ 397.74 million at the end of 2014 with a growth of 2%. Capital Adequacy Ratio (CAR) reached as of 30/6/2015 about 19.76% , non-performing assets reached 4.15% with coverage ratio 106.9%.
Shihadeh indicated that Jordan Islamic Bank distributed cash dividends to shareholders by 13% for the year 2014 during May month of this year . profit per share increased for the six months period ending June, 30th to 0.24 Cent/ US$ compared to 0.21 Cent/ US$ at the end of June of last year.
Shihadeh added that these results assert safe strategy and future vision of the bank and motivate us to achieve further accomplishments to provide best banking and financial services which keep pace with modern technological developments and meet our clients' needs in compliance with principles of Islamic Sharia.
Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national scale with a Stable outlook by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor's at BB+ (long term) / B (short term) with a Stable outlook. Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of Al Baraka is US$ 1.5 billion, while total equity is at about US$ 2 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in fifteen countries, which in turn provide their services through over 573 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.