Jordan Ahli Bank achieves in profits 35.5% growth

Published March 1st, 2009 - 04:40 GMT

Jordan Ahli Bank achieves in profits 35.5% growth

 Jordan Ahli Bank has announced significant growth in profits in its financial results for the end of 2008, with net profits before tax reaching JD 24.9 million, representing an increase of 35.5 % compared to 2007.

The Bank’s total assets stood at JD 2.106 billion, registering a growth rate of 6.6% relative to the end of 2007.

Credit facilities and customer deposits also reflected tremendous growth.  Direct credit facilities (net) reached JD 890 million, representing a 20.4 % increase compared to the end of 2007. Deposits and cash collaterals reached JD 1.570 billion representing a growth rate of 10.5 % compared to end of 2007.

The Bank’s healthy growth reflected well on operational profits, with net interest and commission revenue increasing by 16.6 % to reach JD 81 million, compared to JD 70 million for the year 2007.

Gross Income stood at JD 90 million, out of which 90% is interest and commission income.

The Chairman of Jordan Ahli Bank, H.E. Dr. Rajai Muasher, said: "In spite of the significant changes that the year 2008 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 which comes as a result of its strategic development plans and is   a reflection of the bank's successful implementation of its ambitious ‘Power of Change’ development and transformation strategy which we initiated in 2005.  Our goal is to continue with our aggressive growth and positive performance, and to continue our ambitious transformation process in order to ultimately grow into one of the leading financial institutions across the Middle East region."

The Chief Executive Officer of Jordan Ahli Bank, H.E. 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, retail and investment banking segments.  We are focusing on growing these segments simultaneously, in order to ensure that our profits are healthy, sustainable, and diversified.”

Further more the Board of Directors recommendation to the General Assembly to be held on March 31st,2009 will be to distribute a cash dividend of 10% to shareholders as well as stock dividends of 5% from treasury shares to shareholders.

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.”


 

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