Arab Jordan Investment Bank – AJIB distributes 13.5 million JOD to shareholders
Arab Jordan Investment Bank - AJIB has announced its financial results for 2018. Mr. Hani Al-Qadi, Chairman of the Bank, said that the Board of Directors has recommended the General Assembly to distribute JOD 13.5 million to the Bank’s shareholders.
Mr. Al-Qadi added that despite the challenges facing the Jordanian economy during the past year, the Bank has achieved growth rates in both assets and liabilities of the balance sheet, which ensures the stability of the Bank's financial position.
Total assets amounted to 2.033 billion JOD, an increase of 10.6% from 2017. The Bank also maintained the stability and quality of its credit portfolio with a non-performing loans ratio of 2.2%, which is considered amongst the lowest rates in the Jordanian banking industry. The capital adequacy ratio was 15.9%, which is higher than the required international and local standards (8% and 12% respectively), indicating the solid financial position of the Bank.
In terms of profitability, AJIB maintained the same level of profits as it did in 2017, which amounted to JOD 24.4 million before taxes (16.8 million after taxes). The Bank has obtained the Central Bank of Jordan’s approval for its audited final statements of 2018 as well as the suggested cash distribution to shareholders.
Mr. Al-Qadi stressed that the Bank continues to implement its long-term strategy which aims at improving performance indicators and developing the banking business by providing the best service and products to its customers, by enhancing the sources of income, and continuing its policy aimed at reducing risks and maintaining the quality of the bank's credit portfolio.