$39,92m JIB's profits after tax at end of September 2012
- Jordan: Sunday, October 21 - 2012 at 15:50
- PRESS RELEASE
The financial statements of Jordan Islamic Bank 'JIB' indicated a continuation in profits' growth till 30/9/2012. The Bank's net profits after tax reached about $39,92m compared to about $29,62m in the same period in 2011.
Yousif stated, "The Bank's continuation to obtain global ratings asserts the success of the Bank and its team including executive management and staff in dealing with the developments and international and regional conditions in addition to follow conservative and sensible policies commending efforts of official and control authorities and CBJ for their continual cooperation and constant support of Jordan banking institution and islamic banking."
Concerning the financial results the Bank achieved for the 3rd quarter of 2012 , Mr. Musa Abdelaziz Shihadeh, Vice Chairman, General Manager of JIB, said, "Most financial indicators of the Bank indicated an increase till 30/9/2012. The Bank's assets with accounts managed added to (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached about $4,68bn as of 30/9/2012 compared to $4,43bn end of 2011 with an increase of about $241,18m with a growth of 5,4% which asserts the Bank's advancement and development to enhance its position in Jordan banking sector."
Shihadeh indicated, "Facilities granted for customers with facilities granted from managed accounts added to reached about $3,29bn at end of September, 2012 compared to $2,51bn at end of 2011 with an increase reached about $777,15m with growth of 31%."
Customers' deposits with managed accounts added to reached about $4,23bn compared to $3,99bn at end of 2011 with an increase reached about $207,33m with growth of 5.1%. Thus, this indicates the extent to which clients are confident of the Bank's financial position strength.
Shihadeh pointed out, "The Bank enhanced its capital base by increasing its capital to $176,3m Dollar /share during the current year so that ownership equity become about $311,1m till 30/9/2012, capital adequacy ratio (CAR) reached 17,95%, the rate of return on Average equity (ROAE) after tax reached 17,7%."
Shihadeh added, "The Bank has finalized applying the new banking system in its all branches and offices reaching 79. This achievement is considered an object of pride for all of us and for the islamic banking which proved its ability and success to overstep different obstacles, asserting the Bank's continuation to keep pace with developments that banking industry witnesses and which serves its clients and complies with principles and provisions of islamic sharia."
It is worth mentioning that Jordan Islamic Bank (JIB) is one the subsidiary banking units of Al Baraka Banking Group (ABG). Al Baraka Banking Group is a Bahrain Joint Stock Company Licensed as an Islamic Wholesale Bank by Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges.
It is a leading international Islamic bank providing its unique services to around onebn people and with Standard and Poors investment grade long term counterparty credit rating of BBB- / A-3 (Short Term).
Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of Al Baraka is US$1.5bn, while total equity amounts to about US$1.8bn.
The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in fifteen countries, which in turn provide their services through more than 400 branches.
Al Baraka is currently having a strong presence in Jordan, Tunisia, Sudan, Turkey, Bahrain, Egypt, Algeria, Pakistan, South Africa, Lebanon, Syria, Indonesia, Libya (under formation), Iraq and Saudi Arabia.
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