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Jordan Islamic Bank posts net profit of $63.6m

AMMAN, March 27, 2015

Jordan Islamic Bank, a subsidiary of Bahrain-based Al Baraka Banking Corp, reported 2014 net profit of BD45.1 million ($63.6 million), the same level as the year-ago period.

Its assets had risen to BD3.86 billion by the end of December 2014, compared with BD3.52 billion at end of 2013, an increase of 9.4 per cent.

The bank, the oldest of the four Islamic banks operating in Jordan and the largest in terms of assets, said in a statement the results showed robust growth in Islamic banking services.

"The continued growth in the financial indicators of the bank reflect an ability to manage assets and investments and attract savings and develop services according to principles of Islamic Sharia," Musa Shehadah, the bank's general manager said.

The bank's capital adequacy ratio stood at 20.9 per cent at end of 2014, higher than a minimum 12 per cent set by the central bank while the financing and investments portfolio stood at BD2.63 billion, up from BD2.50 billion at the end of 2013. - Reuters




Tags: Jordan | profit | Bank | Islamic | Al Baraka |

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