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INVESTBANK's profits increase to JOD16 million after tax in 2018

Monday, February 11, 2019

INVESTBANK continued to achieve progressive financial results in 2018, whereby the Bank's income before income tax increased by 7.4% from JOD 19.7 million in 2017 to JOD 21.2 million last year.

According to preliminary financial statements, INVESTBANK's net profit increased from JOD 15.8 million in 2017 to JOD 16 million in 2018after tax.

Financial statements also showed an increase in the volume of direct credit facilities in 2018 by 6.8%, from JOD 645 million at the end of 2017 to JOD 689 million in 2018. Customer deposits increased in 2018 to reach JOD748 million at the end of 2018 in comparison to 676 million Jordanian Dinars at the end of 2017 with an increase of 11%.

INVESTBANK increased its total assets by 7.4% reaching JOD 1.2 billion at the end of 2018 compared to JOD 1.1 billion at the end of 2017, with a total income that exceeded JOD 50.1 millionin 2018.

Commenting on the results, INVESTBANK Chairman, Bisher M. Jardaneh, said: "With its prudent management and commitment to the best banking standards, INVESTBANK has demonstrated its capabilities and potential to optimize the utilization of its customers’ deposits and shareholders' funds within a strong framework of governance and a disciplined approach to risk management", pointing out that the Bank continued to achieve growth in all its indicators during the past year, despite the difficult economic conditions the Kingdomhas experienced.

Jardaneh stressed that INVESTBANK will continue to consolidate its leading position within the Jordanian banking market by providing the highest levels of operational and administrative performance, as well as the most advanced banking services, hence maximizing its financial results and meeting the aspirations of the Bank's shareholders in achieving profitable returns.

It is worthy to note that INVESTBANK received several international awards last year and was ranked by Global Finance magazine as the best online payment service provider and the most innovative bank in Jordan in providing retail banking services to individuals in Jordan in 2018.Global Banking and Finance has also accredited the bank the Best Corporate Bank in Jordan, 2018.