JIB posts net profits of US$51.34 millionby end of September 2013

The financial statements of Jordan Islamic Bank (JIB), a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), indicated a continuation in profits’ growth till 30/9/2013. The Bank’s net profits after tax reached about US$51.34 million compared to about US$39.92 million in the same period in 2012 and with a growth of 28%. Profits before tax reached about US$ 73.77 million compared to about US$56.70 million with a growth of 30%.

Mr. Adnan Ahmad Yousif, Chairman of the Board of JIB, President & Chief Executive of AlBaraka Banking Group in Bahrain, indicated that the growth in net profits of the third quarter 2013 resulted from the continuation of growth in different financial indicators in spite of the economic and political crises the surrounding area witnesses and their impacts on national economy and this reflects the Bank’s strength and its firm strategy that is capable of dealing with different circumstances in addition to the leading position the Bank occupies which enabled the Bank to have a leading position for it is considered the biggest islamic bank in Jordan and the third- largest bank in Jordan banking sector.

Mr. Musa Abdelaziz Shihadeh, Vice Chairman, CEO / General Managerof JIB said that the growth the bank has achieved in its financial statements in addition to the growth achieved in profits asserts the safety of approach and strategy the bank follows in the management of its different assets, investments and finances which aim to benefit national economy in order for the bank to achieve a distinguished status which asserts the success and ability of islamic banking to achieve best results.

The Bank’s assets including (restricted investment accounts and Muqarada bonds) reached US$4.94 billion in 30th September , 2013 compared to US$4.65 billion at the end of 2012 with an increase reached about US$282.09 million with a growth of 5.8%, which assures continuation in the bank’s advancement and development to reinforce its position in Jordan banking sector.

Mr. Shihadeh indicated that facilities granted for customers with facilities granted from restricted investments accounts and Muqarada bonds added to reach about US$3.60 billion at end of Sep, 2013 compared to US$3.47 billion.

Customers’ deposits (includingrestricted investment accounts and Muqarada bonds) reached about US$4.40 billion compared to US$4.16 billion as of 31/12/2012 with an increase reached about US$239.77 million with a growth of 5.7%.

Shareholders’ equity reached about US$348.38 million till 30th September, 2013. The return on average equity (ROAE) reached 20.4%, return on averageassets (ROAA) reached 1.57 %, efficiency ratio reached 36.5% and non performing finance (NPF) reached 4.37%.

Mr.Shihadeh added that these promising results motivate us to keep progress and achieve more accomplishments with the commitment to equally serve the interests of all related parties including shareholders, investors and depositors and the commitment to consolidate values of Islamic sharia. However, the number of the bank’s branches and cash offices reached 80; ATMs reached 133 distributed in all parts of the kingdom.

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 banking group providing its unique services in countries with a population totaling around one billion and is rated by Standard & Poor’s at BB+ (long term) / B (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$ 1.5 billion, while total equity is at about US$ 1.9 billion.

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 450 branches.  Al Baraka currently has a strong presence in Jordan, Tunisia, Sudan, Turkey, Bahrain, Egypt, Algeria, Pakistan, South Africa, Lebanon, Syria, Indonesia, Libya, Iraq and Saudi Arabia.