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INVESTBANK Achieves Net Profit of JOD 7 million During First Quarter of 2024

Monday, April 29, 2024

INVESTBANK, the leading bank in providing innovative solutions, announced its financial results for the first quarter of 2024, showcasing strong performance in all its key indicators.

INVESTBANK's net profits increased to JOD 7 million by the end of March, compared to JOD 6 million during the same period in 2023. Additionally, total pre-tax profit rose to approximately JOD 10 million, up from approximately JOD 8.4 million in the year previous.

The statements also indicated a 5% growth in the bank’s assets, which reached approximately JOD 2 billion, compared to JOD 1.8 billion at the end of 2023. Customer deposits also witnessed a 5.1% increase, reaching JOD 1.3 billion, compared to JOD 1.2 billion as of December 31, 2023. Meanwhile, net credit facilities provided to individual and corporate clients across various sectors amounted to JOD 1.02 billion at the end of the first quarter. 

INVESTBANK maintained a robust capital base, with total equity exceeding JOD 218 million at the end of the first quarter of this year, compared to JOD 212.4 million at the end of 2023, marking a 2.8% increase. The return on shareholder’s equity also rose to 13%, up from 12.1% at the end of 2023.

“The financial results for the first quarter of this year serve as a positive indicator of INVESTBANK’s strategic strength and its ability to achieve sustainable growth despite ongoing global challenges affecting our local economy,” commented INVESTBANK’s Chairman, Fahmi Abu Khadra. “Key indicators highlight our continuous efforts to improve business efficiency and increase shareholder returns.”

“We recorded a 5% increase in the bank’s total assets, and a 5.1% increase in customer deposits, reflecting our customers’ growing confidence in our ability to deliver valuable banking services. The bank remains committed to strengthening its capital base, boosting operational efficiency, and continuously introducing innovative services to support our clients,” added Abu Khadra.  

By the end of 2023, INVESTBANK’s total net profits had exceeded JOD 25 million, with pre-tax profits rising to JOD 33.2 million. Net credit facilities amounted to JOD 1.1 billion, compared to JOD 850 million at the end of 2022, marking a 25% increase. Total assets also increased by 27%, reaching JOD 1.8 billion at the end of 2022.