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INVESTBANK Achieves JD15.8 Million in Net Profits in 2017

Date: 
Thu, 04/26/2018

INVESTBANK’s 2017 net profits after taxes reachedapproximately JD15.8 million, compared to JD15.6 million in 2016. Also in 2017, the bank's total income roseby 11%, to JD52.4 million, compared toJD47.1 million in 2016.

According to initial data issued by INVESTBANK, subject to approval bythe Central Bank of Jordan, net direct credit facilities last year increased by 20%, amounting to JD646 million, compared to JD539 million at the end of 2016. Customer deposits in 2017 increased to JD676 million, compared to JD623 million at the end of 2016, an increase of 8.6%.

The improvement in the bank's performance was reflected in itstotal assets, which roseby 13%, surpassing the JD1 billion mark at the end of 2017, compared with JD950 million at the end of 2016.

Commenting on the results, INVESTBANKChairman Bisher Jardaneh said, "Throughout last year, INVESTBANKcontinued to build on the positive achievements of the past, which has had a noticeable effect on financial statements, with all indicators showing increases over 2016."

Jardaneh went on to add, "The bank has implemented the details of its strategy for 2017, reinforcing its outstanding position in developing its customer service whilesimultaneously understanding the needs of customers, guaranteeing their ongoing support. INVESTBANKcontinues to offer creative and unique products and has reinforced its activities through its subsidiary companies in the fields of brokerage and leasing."

During December of last year, INVESTBANKannounced that Tamkeen Financial Leasing Company, a subsidiary of the bank, acquired 92% of Bindar Trading and Investment Company capital, amounting to JD20 million. This move builds on the bank’s acquisition of the Commercial Facilities Company in 2016, which caters to the financial requirementsof both individuals and medium-sized companies. The bank will continue to expand and increase its banking services and products, as well as offervalue-added investment opportunities that benefit the bank's shareholders and investors.