JD 62.3 million the profits of Jordan Islamic bank in 2023 after tax

Jordan Islamic Bank announced the results of its financial statements for the year 2023, achieving net profits after tax of about JD 62.3 million, compared to about JD 61.1 million at the end of 2022, and the bank’s total revenues amounted to about JD 292 million, compared to about JD 267 million at the end of the year 2022, with a growth rate of 9.4%.

Mr. Abdullah Al-Howaish, Chairman of the Board of Directors of Jordan Islamic Bank, said that the bank was able to achieve growth in its business results during the year 2023 despite the various geopolitical and economic challenges and the repercussions of their developments on the global, regional and local economy, praising the prudent policy of the Central Bank of Jordan and the official bodies and institutions supporting the Jordanian banking system and Islamic banking, and the distinguished performance of the Board of Directors, Executive Management and employees to achieve the bank’s strategic vision in keeping pace with rapid developments and benefiting from all challenges and turning them into opportunities for growth and development. The bank has received many international awards and ratings, stressing the keenness of the Board of Directors to constantly review performance and follow up on all policies and strategies and work to develop them with Paying attention to research and innovation to preserve what has been accomplished and achieve more, God willing.

Al- Howaish indicated that the bank’s board of directors recommended, after approving the bank’s financial statements for the year 2023 at its meeting on 12/2/2024, that cash dividends be distributed to shareholders at a rate of 22 % of the nominal value of the share for the year 2023 and a total amount of JD 44 million, during the bank’s Ordinary General Assembly meeting, which will be held on 29/4/2024.

Regarding the financial results, Dr. Hussein Said, CEO/General Manager of Jordan Islamic Bank, said, “The sustainable growth in the various indicators and operational sectors of the bank is a reflection of the success of the bank’s strategic policy and the efficiency of managing assets and liabilities while maintaining the strength and solidity of the financial position to face various challenges, noting that these results are preliminary and subject to the approval of the Central Bank of Jordan, where the assets, including (specified investment accounts and wakala investment accounts (investment portfolios)) amounted to about JD 6423 million, compared to JD 6191 million at the end of 2022, with an increase of about JD 232 million, with a growth rate of about 3.7%.

Dr. Hussein Said stated that the bank’s interest in diversifying the investments of funds through its interest in various sectors, whether individuals, companies, or small or medium enterprises, their geographical distribution, and the development of financing and investments, was reflected in the growth of financing and investment, including (specified investment accounts and wakala investment accounts (investment portfolios)) to reach about JD 5336 million, compared to about JD 5198 million at the end of 2022, with an increase of about JD 138 million, with a growth rate of about 2.7%.

He pointed out that the confidence of the bank’s customers in the bank’s services and products contributed to the growth of customer deposits, including (specified investment accounts and wakala investment accounts (investment portfolios)) to reach about JD 5693 million, compared to JD 5450 million at the end of 2022, an increase amounting to about JD 243 million, with a growth rate of about 4.5%.

 The bank also maintained the strength of its capital base, as shareholders’ equity amounted to about JD 534 million, compared to about JD 521 million at the end of 2022, with a growth rate of about 2.5%, the Capital Adequacy Ratio amounted to about 20.51%, Non- Performing Financing (NPF) reached about 2.81%, and its coverage ratio of about 91%.

Dr. Hussein Said stressed the bank’s continued endeavor to implement its digital transformation strategy by offering digital banking products and services provided to customers that take into account their needs, and expanding Islami Mobile and Islami Internet services, and enhancing digital self-services by opening the third corner for digital self-services (Islami Digital) in Arifa Mall/Amman to In addition to the bank's 111 branches and offices spread throughout the Kingdom, it provides modern services, including cash withdrawal service from ATM using the Quick Response (QR) code and Islami pay service through Islami mobile application and without the need to use ATM cards.

Dr. Hussein Said added to the continuity of the bank’s endeavor to continue to achieve more achievements at various levels and to maintain the bank’s advanced position in the Jordanian banking sector by achieving balanced growth in various sectors with a focus on risk management in all businesses and activities, while ensuring stability in operational profitability rates while continuing to enhance the bank’s role in He assumed his social responsibilities through various community initiatives and programs that covered various sustainable development goals.