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INVESTBANK Records Significant Growth in 2023 with JOD 25 Million in Net Profits

Thursday, February 8, 2024

INVESTBANK, the leading bank in providing innovative financial solutions, announced its financial results for 2023, showcasing strong growth for major performance indicators.  

INVESTBANK’s net profits at the end of 2023 reached JOD 25 million, compared to JOD 20 million at the end of 2022, whereas total earnings before tax reached JOD 33.2 million, compared to JOD 30 million the previous year.

The data also indicates a 25% increase in net credit facilities offered to both individual and corporate customers, which reached JOD 1.1 billion in 2023, compared to JOD 850 million in 2022. The bank’s assets also increased by an impressive 27%, reaching JOD 1.8 billion, compared to JOD 1.4 billion the previous year.

Whereas customer deposits grew by an even higher 35%, exceeding JOD 1.2 billion, compared to JOD 918 million in 2022.

In light of these results, the Board of Directors recommended the dissemination of cash dividends to the shareholders for 2023 at a rate of 10% of the nominal value per share, subject to approval from the Central Bank of Jordan.

“We are delighted to announce the positive results that reflect the bank’s consistency in achieving remarkable financial results despite regional and global economic challenges in the past year,” commented Fahmi Abu Khadra, Chairman of INVESTBANK. “We attribute this success to the bank’s clear strategy aimed at enhancing operational efficiency and diversifying our sources of income.”

Abu Khadra added that the impressive results contribute to INVESTBANK’s credibility as one of the key financial institutions in Jordan, reaffirming its commitment to providing the best financial services to its customers. Looking towards similar gains in 2024, he added that “the bank will continue to implement a clear strategy focused on innovation, the expansion of financial services, and the delivery of the latest banking solutions and services to its customers. The chief objective is to continuously invest in technology and employees to enhance effectivity and efficiency and maintain sustainable growth.”

It is worth noting that the average returns for INVESTBANK shareholders increased by 12.3% in 2023 compared to 10.6% in the previous year, with the total return on assets rising to 1.54% from 1.49% in 2022.