Export & Finance Bank records a net income after tax and provisions of JD21 million in 2005

The return on average assets reached 3.8% during 2005 while the return on average equity reached 22%, which are among the highest ratios in the banking sector, reflecting the bank's ability to sustain its growth momentum since its establishment.

The 2005 Financial statements revealed that the Bank's total assets grew by 68% year on year reaching approximately JD698 million as at December 31, 2005, while net credit facilities increased by 61.8% reaching around JD384.8 million. Total customer deposits increased by 75% to reach JD349 million.

Net interest and commission income reached JD22.5 million during 2005, compared to JD15.6 million during the same period last year, an increase of 44.6%. Other non interest and commission income including: foreign exchange revenues, capital gains, investment and trading commissions and portfolio management rose by 97.5% reaching JD21.8 million in 2005 as compared to JD11 million in 2004.

Reflecting this year's outstanding results, the international rating agency "Capital Intelligence" (CI), raised the bank's financial strength rating to (BBB) from (BBB-), placing the bank among the top tier Banks in Jordan. Non-performing loans (NPLs) ratio dropped to a record low reaching 1.95% of total extended loans at the end of 2005, which is considered one of the best in the Banking sector. Moreover, NPLs coverage ratio rose to 120%.

The Bank continued providing the Iraqi market with various Banking services including money transfers, Letters of Credit and Letters of Guarantee through its subsidiary "National Bank of Iraq" (NBI). NBI's 2005 stand-alone figures showed positive results and were consolidated with the Export & Finance Bank's Jordan branches and subsidiary financial statements for the first time ever.

In line with Export & Finance Bank's expansion plans and in accordance with the CBJ's much anticipated increase in minimum capital requirements of Jordanian banks, the bank increased its paid up capital through JD50 million private subscriptions in addition to the issuance of JD10.5 million bonus shares capitalizing the bank's reserves and retained earnings reaching JD102 million, which is considered to be among the highest in the banking sector.

The board of directors will propose to the extraordinary general assembly raising to the distribution of 15.69% in bonus shares equivalent to JD16 million, bringing up the bank's total paid up capital to JD118 million, while boosting up its shareholders' equity to JD130 million.