Manama: Bahrain-based Al Baraka Banking Groups said that its subsidiary Jordan Islamic Bank (JIB) achieved net profits $16.08 million in Q1 2015 compared to about $14.67 million for the first quarter of 2014, an increase of 9%. Profits before tax for the 1st quarter of 2015 reached about US$ 23.41 million compared to about US$ 20.45 million in the same period of 2014 with a growth of about 14.1%.
The Board of Directors of Jordan Islamic Bank represented by Adnan Ahmad Yousif, Chairman of the Board , CEO of Al Baraka Banking Group / Bahrain approved the financial statements for the first quarter of the current year during the board’s meeting which held in Amman , on Monday 27 April 2015.
Adnan Yousif highlighting the salient features of the achieved results which asserted the safety and success of the strategy the board of directors approved and implemented by the executive management and employees of the bank in a high professionalism to achieve best results and achievements despite the economic and political crisis surround the region. The bank has strong assets, quality in assets, various deposits, solid funding base and continued growth in profits in addition to enhance corporate governance. He expressed as well how much pleased he is with the efforts exerted by official and control authorities and Central Bank of Jordan (CBJ) for their prompt observation to support Jordan banking sector and Islamic banking.
Musa Shihadeh, General Manager of JIB expressed his sense of pride of the financial results the bank achieved till 31 March 2015 and keeping the growth in its all operations in addition to its constant pursuit to provide the best banking services that are compliant with provisions of Islamic Sharia. He asserted as well the bank’s continuation to develop and reinforce its status in Jordan banking sector.
The bank’s assets including ( restricted investment accounts, Muqarada bonds and investment by proxy accounts ) reached during the 1st quarter of 2015 about US$ 5.47 billion compared to US$ 5.44 billion as at the end of 2014.
Facilities granted foe customers including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached about US$ 4.02 billion during the 1st quarter of 2015 compared to US$ 3.71 billion at the end of 2014 with a growth of 8.2%.
Clients ‘deposits including ( restricted investment accounts, Muqarada bonds and investment by proxy accounts ) reached about US$ 4.91 billion at the end of the 1st quarter of 2015 compared to US$ 4.89 billion as of 31 December 2014.
Owner’s equity reached about US$ 414.67 million at the end of the 1st quarter of the current year compared to US$ 397.74 million at the end of 2014 with a growth of 4%. Capital Adequacy Ratio (CAR) reached about 20.40% as of 31 March 2015. Non Performing Finance (NPF) reached 3.7% with a coverage ratio 111%.
Shihadeh assured that the bank will continue its progress in order to achieve more accomplishments and provide new banking services meet the needs of banking market and keep pace with the recent technological developments in compliance with provisions and principles of Islamic Sharia in addition to expand banking financings grants especially for SMEs and continue the geographical expansion by opening more branches and cash offices.
Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the 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. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national scale with a Stable outlook by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and 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 550 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.