INVESTBANK Reports JOD 13 million Net Profit During the Second Quarter of 2023

Sunday, July 30, 2023

INVESTBANK, the leading bank in providing innovative banking solutions, announced its financial results in the second quarter of 2023, with a net profit of JOD 13 million, in comparison to JOD 10 million in the last year with an increase of 28%.

According to the preliminary financial data, its pre-income tax profit totaled to an estimated JOD 18 million by the end of the month of June, in comparison to JOD 15.2 million in the same period of the previous year. These figures underscore INVESTBANK's commitment to innovation in banking services, coupled with an intensified focus on elevating customer satisfaction.

The financial data illustrates an 18% increase in net credit facilities extended to its corporate and individual customers, with the first quarter of the year reaching an estimate of JOD 1 billion. The bank’s total assets surpassed JOD 1.7 billion by the end of June, in contrast to JOD 1.4 billion at the end of the previous year, signifying a 21% growth. Customer deposits and cash insurance soared by an impressive 28%, reaching a cumulative JOD 1.2 billion by the end of June 2023.

Chairman of INVESTBANK, Fahmi Abu Khadra stated, "These outstanding financial results underscore our proficiency in risk management and the attainment of optimal banking operations. Our success is further mirrored in the execution of strategies centered on enhancing customer value and rewarding our shareholders. The substantial growth in our total assets and the enhancement of our financial portfolio, along with the remarkable upswing in customer deposits, are all indicative of heightened customer satisfaction and trust in our ability to not only meet but exceed their expectations. This reinforces our position as their preferred commercial banking partner."

Abu Khadra emphasized the bank's commitment to maintaining this upward trajectory, stating, "INVESTBANK remains dedicated to advancing its financial performance and sustaining growth, while continuing to lead the banking sector's digital transformation. Through innovative deployment of digital technology, we are poised to develop and offer cutting-edge banking products and services that effectively address the evolving needs of our customers in the digital age."

The rate of return on shareholders' equity for the first half of the current year stands at an estimated 13%, a marked improvement from the 11% figure observed during the same period last year. This, in turn, has led to an increase in the return on assets to 1.63%.