US$34.70 million JIB’s profits after tax for the 1st half of 2013

Jordan Islamic Bank (JIB) achieved net profits after tax amounted to US$34.70 million till 30/6/2013 compared to US$26.80 million of the same period of the past year with a growth of 29.7%. Profits before tax reached US$49.51 million compared to US$37.38 million with a growth of 32%.

Board of Directors of Jordan Islamic Bank, represented by Mr. Adnan Ahmad Yousif, Chairman /President and Chief Executive (P&CE) of AlBaraka Banking Group (ABG) Bahrain approved the financial statements for the first half of current year.

Mr. Adnan Ahmad Yousif expressed how much proud he is of the results and achievements the bank accomplished during the first half of 2013 asserting the capability of JIB to maintain a distinguished financial position continually and keep abreast of the developments that islamic banking industry witnesses proving its ability to deal with different challenges resulted from political and economic crisis surrounding the region and their negative impacts on national economy. Mr. Yousif commended the efforts of executive management, official and control authorities and Central Bank of Jordan (CBJ) for their continuous cooperation and constant support of Jordan banking  institution and islamic banking expressing his confidence of the bank’s ability to achieve more accomplishments in the future Insha’Allah.

Mr. Musa Abdelaziz Shihadeh, Vice Chairman andChief Executive Officer of JIB said the growth the bank achieved in its financial statements in addition to the growth achieved in the profits asserts the safety of approach and the strategy the bank follows in its assets and various investments and finances management which aim at upgrading national economy in order for the bank to achieve a distinguished position which confirms the success and ability of islamic banking to achieve the best results.

Mr. Shihadeh stated that after distributing cash dividends to shareholders at 15% for the year 2012 in April month of the current year, the shareholders’ equity increased at the end of the first half of the current year to reach about US$331.17 million compared to US$ 322.71 million as of 31/12/2012 with a growth of 2.7%.

The Bank’s assets with managed accounts added to (specified investment accounts and Muqarada bonds) reached US$4.75 billion as of 30/6/2013 compared to US$4.61 billion at the end of 2012.

Customers’ deposits with managed accounts added to reached at the end of the first half of current year about US$4.29 billion compared to US$ 4.16 billion as of 31/12/2013 with a growth of 3%.

Mr. Shihadeh indicated that non- performing assets reached 4.36% and its coverage 82%, the adequacy indicator has been improved to reach 36.5% and the capital adequacy ratio (CAR) reached 16.9%, the return rate on shareholders’ average reached 21.3% and the return rate on the average of assets reached 1.6%.

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 andemployees about 2000.

It is worth mentioning that 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 authorised 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.