Cairo Amman Bank announces JD 10,7 Million net profits for the first half of the year

JD 11.9 Million are profits from selling financial assets achieved last year compared to JD 4.7 Millions in the current year. The net profit for the same period after allocations and income tax deductions was JD 10.7 Million compared to JD 17.6 Million for the same period of the previous year.

The Bank's operational dynamics continued its growth. The net profit rose to JD 5.2 Million at a rate of 32.9%, while the comission revenues have increased by 10% to reach JD 5 Million. As a result, the gross income before the financial assets' profits increased by 16,4% and reached 32.1 Million. Additionally, the unoperative facilities continued to decline, with its declining rate in comparison to the gross facilities declining to 7.78% from 9.11% last year. Although the Bank maintains an excess allocated unoperative credit facility decrease in accordance with the Jordan Central Bank's requirements, the Bank's administration decided to take an extra allocation of JD 3.75 Million to be transferred into the credit facilities portfolio for individuals in Palestine due to the currently prevailing conditions in the country.

In addition, the Bank's gross assets have dropped by 7.65% from the beginning of the year to reach a low of JD1133.4 Million. This is mainly a result of the decline in share prices in Stock Markets where the financial assets' fair value dropped by JD 50.7 Million leading to a decrease in the fair value's cumulative change and therefore leading to a decrease in property rights. The Bank continued its activities in the loans Market, especially in Jordan where the gross credit facility balance increased by 8% to reach JD 536.8 Million.

It is worth noting that the Bank, during the first half of this year, increased its capital to JD67.5 Million through capitalizing JD 22.5 Million in rounded profits and distributing them as free shares to shareholders at a rate of 50%.