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INVESTBANK Announces Rise in Net Profits, Reaching JOD 19.2 million at the End of Q3, 2023

Monday, October 30, 2023

INVESTBANK, the leading bank in providing innovative solutions, announced its financial performance for the third quarter of 2023, showcasing substantial growth in net profits and earnings before tax compared to the previous year. These results reflect the bank's expansion, stability, and overall performance.

According to the quarterly financial statements, the bank's net profits reached 19.2 million during the third quarter of 2023, compared to JOD 15.2 million in the same period of the previous year. Total earnings before tax surpassed JOD 26 million, compared to JOD 23 million last year.

The bank also witnessed a noteworthy 23.6% increase in net credit provided to its customers, reaching JOD 1.1 billion by the end of the third quarter in 2023, as compared to JOD 850 million in the previous year. Additionally, customer deposits grew by an impressive 27.5% in the first nine months of the year, amounting to JOD 1.2 billion, compared to JOD 882 million in 2022, demonstrating customers' trust and confidence in the bank's strength.

The bank's assets totaled JOD 1.8 billion at the end of September, presenting a significant 26% increase from the JOD 1.4 billion reported in the previous year. This growth was made possible through the successful implementation of risk management strategies.

Fahmi Abu Khadra, Chairman of INVESTBANK, commented on the financial results: "The strong financial results for INVESTBANK in the third quarter indicate our capacity for sustainable growth and the continual enhancement of our position in the banking sector. These results attest to the bank's clear strategy, centered on delivering distinctive banking services to our clients, adding value to shareholders, and improving our operational and financial capabilities."

Abu Khadra went on to add, "INVESTBANK is committed to improving operational efficiency and diversifying its income sources, reinforcing its ability to navigate financial challenges and achieve sustainable growth in an ever-evolving business environment. The remarkable growth in net credit facilities and customer deposits underscores the bank's ability to meet market needs and offer consumer-friendly financial products, services, and solutions."

It is worth noting that the average returns for INVESTBANK shareholders increased by 13% in the third quarter of this year, compared to 11% in 2022, with the total return on assets reaching 1.6%.