Export and Finance Bank reports rise in mid-year profits
The Export and Finance Bank recorded a 33.3 percent increase in mid-year net profits, according to a statement released by the bank this week.
The statement shows that the EFB's profits in the first six months of this year amounted to JD1.3 million compared to JD902,434 in the corresponding period of last year.
The two-page statement did not give reasons for the increase in profits.
However, the balance sheet and the income statement included in the report show that the bank's income from interest and commissions increased to JD6.5 million in the first six months of the current year, compared to JD4.8 million in the same period of 1999.
The bank's provisions for possible losses related to loans increased this year to JD1 million compared to JD526,329 in the same period of last year, the statement said.
The bank's assets rose sharply in the first half of this year to reach JD154.6 million, compared to JD113.3 million in last year's corresponding period.
Meanwhile, the statement says, customer deposits declined to JD68 million in the first half, compared to JD46.3 million in the corresponding period of 1999.
The EFB was established in 1996 and maintains capital of JD20 million. ― (Jordan Times)
By Tareq Ayyoub
© 2000 Mena Report (www.menareport.com)