Tuesday, April 19, 2016 - 03

Upon approval of the 2015 financial statements by external auditors, the Central Bank of Jordan and the General Assembly, Mr. Michelle Sayegh, Chairman of the Board of Directors of Jordan Commercial Bank, announced a net profit after tax of JD 15.8 million for 2015 compared to JD 11.7 million in 2014, a 35% increase equal to JD 4.1 million.

Mr. Sayegh added that the 2015 results reflect the growth in revenues from the Bank’s core business, operating profit, and the growth of its operations. The Bank witnessed high performance and profitability rates and continued improvement of the quality of its assets. It maintained safe levels of liquidity and capital adequacy in line with the strategies and plans of the Bank approved of the Board of Directors.

Total income for 2015 amounted to about JD 64 million, compared to about JD 44.9 million in 2014, a growth of JD 19.1 million.

The total assets of the Bank by the end of 2015 amounted to JD 1.488 million compared to JD 1.165 million by the end of 2014, an increase of 27.7%. Customers’ deposits reached JD 1.041 million at the end of 2015, compared to JD 810 million at the end of the previous year, an increase of 28.5%. Meanwhile, net direct credit facilities reached JD 599 million compared to JD 524 million at the end of the previous year, an increase of 14.4%.

The total shareholders' equity at the end of 2015 reached JD 138 million, compared to JD 120 million at the end of 2014, an increase of 14.6%.

These good results reflected positively on all performance indicators of the Bank for 2015. The rate of return on assets was 1.2%, the rate of return on equity 11.2%, and the earnings per share ratio 15%.

The Bank has continued to strengthen its control environment by enhancing the pillars of corporate governance, risk management and compliance monitoring.

In addition, the Bank continued to focus on developing the products and services delivered to customers as part of well-thought-out plans aimed at improving its presence in the Jordanian banking sector and activating its branches in Palestine. The Bank upgraded its banking technologies and human resources through continuous training and development and recruitment of experienced professionals.

The Bank has prioritized social responsibility towards the community by supporting and sponsoring many charity, cultural, sports and educational events.

Mr. Sayegh pointed out that the Extraordinary General Assembly endorsed the recommendation of the Board of Directors to distribute bonus shares accounting for 7.5% of the capital, increasing the capital to JD 112 875 000 from JD 105 000 000, namely the capitalization of JD 7 875 000 of retained earnings.