The Export and Finance Bank records net income

By the end of the first quarter of 2004 the Bank's assets stood at JD345.7 million, thus increasing by 12% from the first quarter last year. Credit facilities reached JD182.7 million as at 31st March 2004 while total deposits and margin accounts reached JD228.5 million. Moreover, liquidity ratio reached 115.9% compared to the 100% required by the Central Bank of Jordan.

The net interest income amounted to JD JD2.2 million during the first quarter of this year compared to JD1.9 million last year. On the other hand, trade finance revenue reached JD1.0 million compared to JD0.7 million last year. The bank's portfolio at the Amman stock exchange achieved a rate of return of 8% during the first quarter of this year, while the ASE index increased by 4.3% during the same period.

In line with the bank's strategy of diversifying sources of income and managing the risks associated with lending, it expanded its retail banking services. The housing loans program it launched in 2003 was a great success; it managed to extend housing loans to various groups of the society. In addition to that, the bank has recently launched the car loan program and is expected to do exceptionally well since it offers the best car loans features in the market.

The bank continued offering fast money transfers to and from Baghdad in addition to other banking services. Various clients benefit form those services including ones residing inside and outside of Jordan.

The bank has recently got the approval to increase the capital by JD7 million, this was achieved through capitalizing the bank's reserves and retained earnings and then distributing it as stock dividends to shareholders. The stock dividend of 20.3% will be distributed to registered shareholders as at 20/4/2004, by that the bank's total capital will reach JD41.5 million.