Jordan Ahli Bank has announced significant growth in profits in its financial results for the end of 2009, with net profits before tax reaching JD 27.3 million, representing an increase of 9.5 % compared to 2008.The Bank’s total assets stood at JD 2.256 billion, registering a growth rate of 7.1% relative to the end of 2008.
Credit facilities and customer deposits also reflected tremendous growth. Direct credit facilities (net) reached JD 981 million, representing a 10.2 % increase compared to the end of 2008. Deposits and cash collaterals reached JD 1.518 billion representing a growth rate of 10.5 % compared to end of 2008.
Jordan Ahli Bank commented: " In spite of the significant changes that the year 2009 has witnessed due to the financial crisis, the decline in global financial markets and the sharp fluctuation in prices, Ahli Bank was able to significantly grow profits as a result of its strategic planning and development, reflecting the bank's successful implementation of its ambitious ‘Power of Change’ transformation strategy which was initiated in 2006. In addition, Ahli Bank continued to support the government's policy of stimulating the economy by expanding its credit portfolio in 2009.
The Chief Executive Officer of Jordan Ahli Bank, Mr. Marwan Awad, said: “Our profits are almost exclusively core banking profits, which is a major indicator of the sustainability of the bank's profits and earning power going forward. In addition, and very importantly, our income is highly diversified, as the bank is generating revenue from a healthy mix of corporate, SME and retail banking segments. We are focusing on growing these segments simultaneously, in order to ensure that our profits are healthy, sustainable, and diversified.”
Mr. Awad added: “Ahli Bank is succeeding in building a truly institutional; sales focused, and service oriented corporate culture. Our employees are indeed driving the "Power of Change" across the bank, and we are continuously investing in building state-of-the-art risk management systems and resources, best in class and highly trained human resources, modern branches and excellent sales and delivery channels, customized products and services to cater for all of our diverse customer base, a state-of-the-art IT infrastructure, and much more.”
