MANAMA: Jordan Islamic Bank has achieved a 67 per cent growth in its net profit for the first nine months of this year.
The financial results of the bank, a subsidiary banking unit of Albaraka Banking Group, for the period show that it achieved a net profit before tax amounting to 44.34 million Jordanian dinars compared to 26.58m dinars for the same period of last year, an increase of 67pc.
Profit after tax was 30.4m dinars at the end of the third quarter of this year compared to 17.63m dinars for the same period last year, an increase of 73pc.
Total customer deposits were 1.53 billion dinars compared to 1.33bn dinars for the same period last year, an increase of 15.3pc.
Customer deposits plus managed accounts (restricted investment accounts, Mukaradah bonds and investment accounts managed on behalf of clients) was 1.84bn dinars as compared to 1.63bn dinars for the same period last year, an increase of 12.9pc.
The bank's financial indicators also show that the profit expressed as a percentage of share value at the end of third quarter amounted to 37.4pc compared to 22pc for the same period last year, an increase of 70pc
Jordan Islamic Bank chairman Adnan Ahmed Yousif praised the excellent financial results that the bank achieved in spite of the difficult time that the regional and international economies and markets are going through.
"This is an indication of the soundness of the bank's approach, the prominent position that it occupies in the Jordanian market and the high-quality Islamic banking products and services that it provides to the different segments of its individual and corporate customers," said Mr Yousif, who is also the president and chief executive of Albaraka Banking Group.
Vice-chairman and general manager Musa Shihadeh said the bank was not affected by the financial crisis because it had no investments in or with this or other similar institutions that do not comply with the Sharia principles.
"The financial results of the bank were very good and this was evident in a very clear way in the growth in profits, assets, deposits and investments," he said.
Jordan Islamic Bank is one of the only two Islamic banks and the third largest in Jordan in terms of total assets and customer deposits.