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INVESTBANK’s Profit before Tax Reach JD 11 Million at the End of Q3 2020

Thursday, October 29, 2020

INVESTBANK, the leading bank in providing innovative financial solutions, has announced its financial results for the nine months ended September 30, 2020, during which profit before tax amounted to JD 11.1 million and net profits after taxes amounted to JD 7.5 million, compared with JD 11.4 million during the same period last year.

Commenting on the bank’s performance, INVESTBANK Chairman Bisher Jardaneh said, “The bank continues to make profits and maintain its solid financial base in spite of the exceptional and unprecedented circumstances that all sectors of the national economy faced over the past nine months as a result of the coronavirus pandemic.” Jardaneh added that INVESTBANK allocated JD 6.5 million at the end of the third quarter to hedge against the continuing economic effects of the coronavirus pandemic, a strategy it may continue in the future.

INVESTBANK’s financial statements showed an increase in net direct credit facilities as end of September, amounting to JD 56 million at a rate of 8.3%, reaching JD 730 million, against JD 674 million at the end of last year. The bank’s assets increased by 1.4% at the end of the third quarter to reach JD 1.2 billion, while customer deposits during the same period amounted to approximately JD 749 million and capital sufficiency was 16.4%.

As part of its efforts in the fight against the coronavirus, INVESTBANK donated JD 730,000 to Himmet Watan fund and other charities, contributing to national efforts to mitigate the economic effects of the pandemic and protect the health and safety of Jordan’s citizens.