Invest Bank Reports Dh177.9m First Half Net Profit

Press release

Published July 13th, 2017 - 11:34 GMT

Invest Bank

Invest Bank on Wednesday reported a net profit of Dh177.93 million for the first half of 2017, up 5 per cent compared to Dh169.23 reported in the same period last year.

For the second quarter of 2017, the bank reported a net profit of Dh88.27 million compared to Dh83.8 million reported in the same quarter in 2016.

The bank’s net interest income during the first six months of 2017 was at Dh253.24 million down from Dh259.84 million during the same period last year.

For the first half of this year, the banks net impairment losses were down to Dh97.23 million compared to Dh115.97 million in the same period last year. But in the second quarter on this year net impairments were up 14.2 per cent year on year to Dh61.91 million compared to Dh54.17 million reported in the second quarter of 2016.

Source: Gulf News

Background Information

Invest Bank

On November 28th, 1982, Jordan Investment and Finance Bank (INVESTBANK) started its activities as a financial company under the name Jordan Investment and Finance Company with an authorized capital of JD6 million in which half was paid on the opening of its Initial Public Offering (IPO) while the rest was paid within a year of granting the final license.

A group of founders headed by the late Nizar Abdul Rahim Jardaneh set the first foundation stone for this financial institution which contributes to the development of the Jordanian financial industry. The aim was to provide the required financing to the economic sectors in order to enrich their achievements and increase opportunities of economic and social development in Jordan.

Founders aimed at being compatible with the economic growth requirements as well as achieving a good return for the shareholders, supporting national savings, and using resources to sustain financial activities.