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INVESTBANK’s Profits Up by 9 Percent in 2016

Date: 
Sun, 02/05/2017

INVESTBANK recorded an increase in profits before tax of 9 percent in the year ending 2016, reaching JD 22.4 million compared to JD 20.6 million the same period in 2015. The bank’s net profit after income tax came in at JD 15.6 million compared with JD 14.3 million, year-on-year, a 9.1 percent increase.

INVESTBANK’s board of directors will recommend a 10 percent dividend to be distributed to its shareholders.

The bank’s overall income for 2016 reached JD 47.1 million, compared to JD 39.2 million in 2015. These positive results reflect an improvement in the bank’s operational efficiency and a rise in credit facilities by 18.5 percent to JD 538.6 million. Clients’ deposits also increased to JD 661 million, up by 7.3 percent compared with 2015.

INVESTBANK’s improved operational efficiency was also reflected on the bank’s assets that increased by 12.3 percent to JD 949.6 million by the end of 2016, as opposed to JD 845.4 million the previous year. These results are still awaiting the Central Bank’s approval.

Tamkeen Leasing Company, a subsidiary of INVESTBANK, has recently acquired 93 percent of Jordan Trade Facilities Company. With JD 16.5 million in capital, Jordan Trade Facilities Company has been listed on the Amman Stock Exchange since 1983.

The strategic acquisition falls in line with INVESTBANK’s expansion plans to meet growing market demands, while also helping to increase the lender's market share. Furthermore, it is consistent with the Central Bank's growing interest in financing and empowering SMEs, limited income individuals, and boosting Islamic financing.

Following the announcement of the bank’s financial results, INVESTBANK’s Chairman, Bisher Jardaneh, said: “Last year, INVESTBANK made several financial achievements, meeting most of its medium- and long-term goals. It reinforced its leading position in the market as a customer-centric bank, continued to develop and launch new innovative products and offerings, and increased its activities through its subsidiaries, including Al Mawared for brokerage, Tamkeen leasing company, Al Imdad supply chain finance solutions, and Al Tas-heelat for Islamic, consumer, and SME financing.”

To keep abreast of the latest technological developments in the banking sector, INVESTBANK provides several iBank services enabling its clients to perform all of their banking transactions and update their personal data online, making it one of the leading local banks that provide up to date digital services.