The Cairo Amman Bank (CAB) has recorded JD2.2 million net profit in mid-year results this year compared to the losses incurred in the same period of 1999, a bank's statement said this week.
Last year, the bank recorded JD29,000 losses in mid-year results.
The CAB's half-year results, which were published in the local Arab dailies on Tuesday, showed that the profits were recorded despite the decline of its revenues from commission and interest to JD32.1 million compared to JD34.8 million in the past year.
The half-year results showed that the bank's assets declined by 1.9 percent, down to JD848.8 million this year compared to JD864.4 million in 1999.
The CAB's deposits in the Central Bank of Jordan declined to JD187.8 million, down from JD864.4 million in the same period of the past year.
The bank's provisions for dead loans amounted to JD27.8 million this year compared to JD25.2 million in 1999.
The bank's deposits this year declined by 2.3 percent, down to JD709.8 million compared to JD725.8 million in the past year.
The announcement of the half-year results was delayed despite repeated instructions from the Amman Stock Exchange to announce the mid-year results in line with the disclosure regulations of the stock market.
Most of the listed firms and banks in the Amman Stock Exchange failed to meet the deadline.
Many of the listed firms failed to record a substantial increase in their profits in mid-year results and registered “humble” profits while others reportedly recorded losses, especially in the mining industries. ― ( Jordan Times )
By Tareq Ayyoub
© 2000 Mena Report (www.menareport.com )