Jordan's Export and Finance Bank records $2.3 million net income for 1Q 2004
Jordan's Export and Finance Bank recorded a net income of 1.7 million Jordanian dinars ($2.3 million) for the first three months of 2004, compared to a JD 0.7 million during the same period in 2003.
By the end of the first quarter of 2004 the Bank's assets stood at JD 345.7 million, thus increasing by 12 percent from the first quarter last year. Credit facilities reached JD 182.7 million as at March 31, 2004 while total deposits and margin accounts reached JD 228.5 million. Moreover, liquidity ratio reached 115.9 percent compared to the 100 percent required by the Central Bank of Jordan.
The bank has recently received the approval to increase its capital by seven million dinars, this was achieved through capitalizing the bank's reserves and retained earnings and then distributing it as stock dividends to shareholders. The stock dividend of 20.3 percent was distributed to registered shareholders as at April 20, 2004, by that the bank's total capital will reach JD 41.5 million. . — (menareport.com)
© 2004 Mena Report (www.menareport.com)