INVESTBANK, the leading provider of innovative financial solutions, has announced its financial results for the year ending on December 31, 2020, showing net profits after taxes of JD6 million, against JD16.1 million in 2019. The bank’s pre-tax profits amounted to JD7.9 million for the year 2020, compared to JD22.9 million in 2019.

As a precautionary measure to protect its portfolio from the negative effects that could potentially result from the difficult economic challenges caused by the coronavirus pandemic on a global level, the bank’s management continued its conservative policies by increasing the allowance for losses from indirect credit facilities by approximately JD15 million.

Based on the bank’s operating capital sufficiency and financial strength, INVESTBANK Board of Directors made a recommendation to the general assembly that cash dividends be distributed to shareholders at 12% for 2020, the highest rate permitted by the Central Bank of Jordan for the year.

Commenting on the results, INVESTBANK Chairman Bisher Jardaneh said that the bank has efficiently managed to hedge against the negative effects of the coronavirus pandemic, adopting the conservative policy of allocating allowances for any expected losses in credit facilities, while simultaneously improving operating efficiency, controlling expenses, providing comfortable liquidity ratios. Throughout the pandemic, the bank continued providing services and creative digital banking solutions to both its individual and corporate customers.

Jardaneh confirmed that the bank enjoys a solid capital base and high levels of liquidity that strengthen its position and allow it to support growth opportunities and to meet any challenges that may arise. He went on to add that the allocation of approximately JD15 million as a precautionary allowance is yet another example of the bank’s prudent policy to cover debts and protect its portfolio.

INVESTBANK continued to achieve growth in a number of financial indicators, with net direct credit facilities at the end of 2020 increasing by 8.5% or JD58 million and reaching JD732 million, against JD674 million at the end of 2019. The bank’s total assets rose by 3.9%, to reach JD1.2 billion in 2020.

As part of its efforts in the fight against the coronavirus, INVESTBANK donated JD730,000 to the 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.