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Jordan Islamic Bank net jumps 67pc

Manama, December 8, 2008

Jordan Islamic Bank, a subsidiary banking unit of Albaraka Banking Group, has achieved a 67 per cent growth in its net profit for the first nine months of this year.

The financial results of the bank for the period show that it achieved a net profit before tax amounting to JD44.34 million compared to JD26.58 million for the same period of last year, an increase of 67pc.

Profit after tax was JD30.4m at the end of the third quarter of this year compared to JD17.63m for the same period last year, an increase of 73pc.

Total customer deposits were JD1.53 billion compared to JD1.33bn for the same period last year, an increase of 15.3pc.

Customer deposits plus managed accounts (restricted investment accounts, Mukaradah bonds and investment accounts managed on behalf of clients) was JD1.84bn as compared to JD1.63bn for the same period last year, an increase of 12.9pc.

The bank's financial indicators also show that the profit expressed as a percentage of share value at the end of third quarter amounted to 37.4pc compared to 22pc for the same period last year, an increase of 70pc

Jordan Islamic Bank chairman Adnan Ahmed Yousif praised the excellent financial results that the bank achieved in spite of the economic crisis.

'This is an indication of the soundness of the bank's approach, the prominent position that it occupies in the Jordanian market and the high-quality Islamic banking products and services that it provides to the different segments of its individual and corporate customers,' said Yousif, who is also the president and chief executive of Albaraka Banking Group.

Vice-chairman and general manager Musa Shihadeh said the bank was not affected by the financial crisis because it had no investments in or with this or other similar institutions that do not comply with the Sharia principles.

'The financial results of the bank were very good and this was evident in a very clear way in the growth in profits, assets, deposits and investments,' he said.

Jordan Islamic Bank is one of the only two Islamic banks and the third largest in Jordan in terms of total assets and customer deposits.-TradeArabia News Service




Tags: Jordan Islamic Bank | Net Profit |

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