Amman: Jordan Islamic Bank (JIB), a subsidiary banking unit of Bahrain-based Al Baraka Banking Group B.S.C. (ABG), has reported $46.83 million profit for the third quarter of the year.
The Bank has announced the financial results achieved till 30 September 2014 indicating the continuous growth and development in its several operations.
Dr. Adnan Ahmed Yousif, Chairman of the Board of Directors of JIB, President and Chief Executive of AlBaraka Banking Group ( Bahrain) expressed how much pleased he is with Jordan Islamic Bank’s good results and achieving net profits after tax that reached about $46.83 million and before tax about $66.43 million, commending the efforts of the Executive Management and the staff in implementing the strategic plan and leading the right path to confront different challenges and achieve best results in coincidence with the bank’s receiving Global Finance Magazine’s prizes which include the prize of the best Islamic retail bank at the worldwide level and the best Islamic financial institution in Jordan for the sixth year respectively.
Dr Yousif received the prizes on behalf of the bank while attending the World Bank and International Monetary Fund (IMF) meetings in Washington during the current month in assertion of the bank’s successful policy and ability for continued growth in the future.
Musa Shihadeh, Vice Chairman, General Manager of Jordan Islamic Bank said that bank’s financial results emphasize the safety of implementing the strategic plan that bank’s management adopts in addition to maintain its distinguished status in Jordan banking sector.
The Bank’s assets (including Restricted Investment Accounts and Muqarada Bonds) reached about US$ 5.36 billion compared to US$ 4.94 billion at the end of 2013 with an increase reached about US$ 335.68 million with a growth of 6.8%.
Clients’ deposits (including Restricted Investment Accounts and Muqarada Bonds) reached about US$ 4.80 billion compared to US$ 4.51 billion as of 31/12/2013 by an increase reached about US$ 300.42 million and with a growth of 6.7%.
Facilities granted for clients with facilities granted from( Restricted Investment Accounts and Muqarada Bonds added to) reached at the end of September 2014 about US$ 3.67 billion compared to US$ 3.53 billion at the end of 2013 by an increase reached about US$ 135.40 million and with a growth of 3.8%.
Shihadeh indicated that Jordan Islamic Bank reinforced its capital base during the first half of current year by completing the procedures of increasing its capital from US$ 176.30 million/ share to US$ 211.57 million / share by distributing 20% as free shares to shareholders. The owner’s equity reached till 30/9/2014 about US$ 380.82 million compared to about US$ 360.37 million as of 31/12/2013 with a growth of 5.7 %. Return on Average Equity (ROAE) reached 16.82 %; while Return on AverageAssets (ROAA) reached 1.31% .Dividends for the year 2013 were distributed to shareholders by 15% and free shares by 20% in May month of current year.
Shihadeh emphasized on the bank’s continuation to achieve further accomplishments, expand in providing services and Islamic banking solutions and keep pace with recent technologies that are compliant with Islamic principles and meet the ambitions of bank’s clients so that Jordan Islamic Bank will remain always the pioneer.
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$ 2 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 over 500 branches. Al Baraka currently has a strong presence in Jordan, Tunisia, Sudan, Turkey, Bahrain, Egypt, Algeria, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.