JIB posts profits before tax of $118.1m
Manama : By the end of 2016, Jordan Islamic Bank (JIB) a subsidiary of Al Baraka Banking Group achieved profits before tax in an amount of US$118.1 million, compared with US$105.4m in 2015; with a growth of nearly 12.1pc. Net profits after tax reached US$76.2m compared to US$68.7m during 2015; with a growth of nearly 11 per cent.
The Board of Directors has decided to recommend to distribute cash dividends to shareholders for the year 2015 at 15pc of the nominal value of shares, increase the bank’s capital from US$211.6m/share to US$253.9m/share and distribute bonus shares at 20pc from the bank’s capital that covered from the retained earnings after obtaining the prerequisite approvals.
The results were announced by Adnan Ahmed Yousif, Chairman of Jordan Islamic Bank, President & Chief Executive of Al Baraka Banking Group (ABG).
The growth in total assets including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached around 8pc amounting to about US$6.35 billion compared to about US$5.88bn at the end of 2015 with an increase of nearly US$ 470m.
The growth in facilities granted for customers including (restricted investment, Muqarada bonds and investment by proxy) reached around 3pc amounting to about US$4.57bn compared to about US$4.44bn at the end of 2015 with an increase of about US$127m.
Musa Shihadeh, CEO – General Manager of JIB said the growth in clients’ deposits and accounts (including restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached around 8pc amounting to about US$5.70bn compared to US$5.29bn at the end of 2015 with an increase of about US$412m.
The growth achieved in the volume of balance sheet is a reflection on the growth of the revenues which reached 10.8pc, amounting to about US$313m compared to about US$282.5m at the end of 2015 with an increase of about US$30.5m.
Growth in joint investment profits before distribution reached about 11.6pc at the end of 2016 amounting to about US$284m compared to US$254m at the end of 2015 with an increase of around US$30m.
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