IIAB’s pre-tax profit hits JOD 46.7 million

Amman, The Islamic International Arab Bank (IIAB) posted a pre-tax profit of JOD46.7 million in 2018, compared with JOD43.5 million in 2017.

Chairman of the IIAB, “Mohammed Sa’id Shaheen said that bank’s 2018 results indicate that the net profit of the bank surged to JOD32 million in 2018, compared with JOD29 million in 2017, an increase of 11 percent.

He pointed out that the financial data show a rise in the bank’s total assets at the end of 2018, reaching JOD 2.159 billion, compared with JOD 2.052 billion in 2017, marking a 5 percent increase. Also, direct credit facilities amounted to JOD 1.4 billion in 2018 compared with JOD 1.277 billion in 2017, up by 10 percent.

He said that customers’ deposits and money insurance, including restricted deposits, soared to reach JOD 2.133 billion in 2018, compared with JOD 1.967 billion in 2017, constituting an 8 percent rise. The ownership rights have risen to JOD 194 million in 2018, compared with JOD 175 million in 2017.

The capital adequacy ratio reached 18.9 percent, exceeding the required 12 percent set by the Central Bank of Jordan.

Source: Jordan News Agency