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Al Baraka Jordan unit posts $56m profit

Manama, April 2, 2012

Jordan Islamic Bank (JIB), part of the Al Baraka Banking Group, achieved net profit before tax of $55.99 million last year when compared to $57.40 million in 2010.

The bank said its net profits after tax reached $39.92 million for 2011. The board is recommending a cash dividend to shareholders of 15 per cent of the bank's capital.

Bank chairman Adnan Yousif said that despite the global crisis and their negative impacts on national economy, JIB continued its mission in Islamic banking, achieving successes by getting many credit ratings and global prizes which indicate its strength, flexibility and  ability to confront the difficult and fluctuated political and financial situations worldwide.

'The bank was able to strengthen its position in the Jordanian banking sector through the obvious growth reflected in its financial indicators for the year,' said vice-chairman and general manager Musa Shihadeh.

The total clients' deposits reached $3.716 billion compared to $3.306 billion in 2010, an increase of 12.4 per cent.

Shihadeh said that the increase in finance and investment at the end of 2011 reached about $122.71 million to take to total to $2.186 billion compared to $2.063 billion at the end of 2010.

Total assets at the end of 2011 reached $4.087 billion compared to $3.673 billion last time. 'The bank continues to accomplish further development and updating in the field of banking techniques,' said Shihadeh.

'These included the implementation of the new banking system in more branches and cash offices,' he stated.

'The bank's new system has been applied in 33 branches and seven cash offices. The bank now has 108 ATMs and is expanding its short messages services and the banking services provided through the Internet,' he added.-TradeArabia News Service

Tags: Jordan Islamic Bank | Al Baraka Banking Group |

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