JIB posts 2017 profits before tax of $ 114 m

Manama : Jordan Islamic Bank (JIB) a subsidiary banking unit of Al Baraka Banking Group (ABG) yesterday reported net profits before tax of US$114.2 million and after tax US$76.4m for 2017.

The bank’s revenues reached about US$310m and profits of joint investment before distribution reached about US$ 270m.

The Board of Directors has decided to recommend to the Ordinary General Assembly to distribute cash dividends to shareholders for the year 2017 at 15 per cent of the nominal value of shares. 

Adnan Ahmed Yousif, Chairman of JIB, President & Chief Executive of    Al Baraka Banking Group (ABG), commended the financial results that JIB has achieved during 2017.

Musa Shihadeh, CEO – General Manager of JIB said the growth in total assets including (restricted investment accounts, Muqarada bonds and investment by proxy “Investment Portfolios”) reached around 3.6pc amounting to about US$6.58 billion compared to about US$6.35bn at the end of 2016 with an increase of US$230m. 

The growth in facilities granted for customers including (restricted investment accounts, Muqarada bonds and investment by proxy “Investment Portfolios”) reached around 3.8pc amounting to about US$4.75bn compared to about US$ 4.58bn at the end of 2016 with an increase of about US$172m.

The growth in clients deposits and accounts (including restricted investment accounts, Muqarada bonds and investment by proxy accounts “Investment Portfolios”) reached around 3.1pc amounting to about US$5.87bn compared to US$5.69bn at the end of 2016 with an increase of about US$177m.

Shareholders’ equity grew by 9.4pc amounting to about US$529mn compared to about US$483m at end of 2016 .The Return on Average Equity (ROAE) after tax reached about 15.1pc. Capital Adequacy Ratio (CAR) reached about 23pc at end of 2017 compared to about 22.02pc at the end of 2016, Return on Average Assets (ROAA) reached 1.30pc, the Non- Performing Finance Ratio (NPF) reached 4pc and their coverage ratio 123pc.