Jordan’s banking sector records 5% net profit drop for 1H 2003
Jordan’s banking sector recorded a 5.1 percent drop in net profits for the first half of 2003, down to 119.4 million Jordanian dinars ($168 million) compared to JD 125.8 million in 2002, reported Jordinvest.
The negative results were attributed to low profit performances by Arab Bank, Industrial Development Bank, Jordan National Bank and Jordan Investment and Finance Bank.
The best performer for the first half of the year was Jordan Islamic Bank with net profits growing by 54.1 percent to JD 2.8 million. The Arab Banking Corporation – Jordan followed with a 47 percent net profit increase to JD 2.1 million and the Bank of Jordan with a 46 percent increase to JD 8.2 million.
The Jordanian banking system consists of 21 banks, two of which are Arab, three foreign and 16 Jordanian. There are 14 commercial banks, five investment and two Islamic banks. The sector is also equipped with four lending institutions for agriculture, industry and housing development. — (menareport.com)
© 2003 Mena Report (www.menareport.com)