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Investbank Records JD4.6M Net Profit

Mon, 09/06/2010

Manager announced that financial results have shown an increase in the net profit after paying taxes reaching JD 4.632 million, compared to JD290 thousand for the same period last year.

It also showed an increase in owners’ equity that reached JD99.0 million at the end of the current year’s first quarter, compared to JD93.3 million at the end of the last year 2009 with a growth rate of 6%, in addition to an 83.6% increase in the Bank’s total income of JD9.437 million compared to JD5.141 million at the end of the first quarter of last year.

The Bank also achieved growth in interests and commission’s in net revenues by 56.4% to reach JD6.5 million compared to JD4.2 million last year. The Bank was also able to achieve growth in net credit facilities that reached JD305.8 million with a growth rate of 2% from the beginning of the year. On the other hand, customers’ deposits decreased to JD452.9 million compared to JD477.6 million at the beginning of the year.

Mr. Nasr added: “ We believe that the support of the Bank's Board of Directors and the clients’ trust along with its strategic business plan, internal policies and modernization and development procedures have together enhanced the financial results in the first quarter of the current year.”

The Bank is operating according to a methodology framework based on planning and identifying the requirements that support the market and the clients. In line with this methodology, the Bank established Al Imdad last March, which is specialized in supply chain financing and logistics management.

The Bank is currently working on expanding its businesses through the establishment of a Wealth Management Group, in addition to opening a new branch in Mecca Street, which will be in operation next June.

It is worth mentioning that the shareholders General Assembly recommended increasing the Bank's capital to JD77.5 million, through capitalizing JD7.5 million from the retained earnings and distributing it as free of charge shares at a rate of 10.714%.