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JIB bank gains surge 9pc to $16m Q1-2015

JIB bank gains surge 9pc to $16m Q1-2015

AMMAN: Jordan Islamic Bank (JIB), a subsidiary of Bahrain-based Al Baraka Banking Group, has reported nine per cent growth in net profit at $ 16.08 million for the first quarter when compared with $ 14.67m for the first quarter last year. Profits before tax saw a growth of about 14.1pc to $ 23.41m when compared with $ 20.45m earlier.

The bank’s board of directors led by chairman Adnan Ahmad Yousif, who is also chief executive of Al Baraka Banking Group, approved the financial statements for the first quarter of the current year during the board’s meeting held in Amman.

Assets including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) was about $ 5.47 billion at the end of March 31 as against $ 5.44bn at the end of last year. Facilities granted for customers including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached about $ 4.02bn during the first quarter when compared to $ 3.71bn at the end of last year with a growth of 8.2pc.