Main Newsشركات

Capital Bank’s Q3 net profits amounted to JD52.7 million

Jordan Daily – Capital Bank Chairman of the Board of Directors Bassem Khalil Al-Salem announced that the bank’s net profits after taxes and provisions increased by 80% by the end of 2021’s third quarter, reaching JD38.2 million, excluding all non-recurring operations which include the outcome of the acquisition of Bank Audi’s business in Jordan and Iraq, which brings the group’s net profits up to JD52.7 million, with an increase rate of 162.7%.

Capital Bank’s total assets also witnessed a remarkable 45% increase during the first nine months of the year to reach approximately JD4 billion, compared to JD2.7 billion dinars as end of 2020, reflecting the confidence of the bank’s customers and depositors.

In a statement to the press, Al-Salem confirmed that Capital Bank continued to record strong operational performance, with its net operating income during the first nine months totaling approximately JD53.8 million, an increase of 29%.

Al-Salem explained that these positive results reveal the strength of the bank’s strategy and achievements, bringing us closer to becoming one of the leading financial institutions in the country.

Capital Bank also saw a 41.7% increase in net facilities offered to customers during the first nine months of this year, reaching approximately JD2 billion, compared to JD1.4 billion as end of the previous year, while customer deposits increased by 48.3% to reach JD2.5 billion at the end of September.

Net interest income totaled JD72.9 million, compared to JD50.6 million at the end of September 2020, recording an increase of 44%. Also during the first nine months of the year, returns on shareholder equity amounted to 13.8% of net profits, excluding non-recurring profits.

Al-Salem went on to speak of the continuous achievements of Capital Bank Group, including the National Bank of Iraq and Capital Investments, further strengthening the group’s leading position in both the local and regional banking sector.

Al-Salem stated that the National Bank of Iraq, after receiving the approval of the Saudi Council of Ministers to open a branch in the Kingdom of Saudi Arabia and the appointment of Yazeed Abu Nayyan as its Chief Executive Officer, will work to support and strengthen commercial relations between Saudi Arabia, Iraq and Jordan by forging new banking relationships with leading Saudi Arabian, Iraqi and Jordanian corporations and companies, a move that is in line with the group’s regional expansion strategy.

Al Salem added that NBI’s branch in Saudi Arabia will offer a great added value to Saudi Arabian and Iraqi companies, through facilitating sending and receiving internal and external transfers, granting credit facilities and providing trade finance services, all through the wide network of correspondent banks it deals with as part of Capital Bank Group, which servs as NBI’s gateway to regional economies.

Al-Salem went on to add that Capital Investments continued to achieve positive results, with the value of its assets under management amounting to $438 million by the end of the third quarter of 2021.

Speaking about the latest financial results, Capital Bank Chief Executive Officer Dawod Al Ghoul said, “The bank’s strong financial performance and positive results reflect our continuous focus on improving our customers experience. We continue to invest in developing and improving our banking solutions, products and services while simultaneously developing innovative digital solutions that increase the level of satisfaction for our growing customer base.”

Al-Ghoul added that the bank is completing preparations to launch the integrated digital bank NeoBank beginning of 2022, which will provide its services in both the Jordanian and Iraqi markets through an advanced digital platform that employs cutting-edge technologies. This will offer a solid foundation to deliver a broader generation of advanced digital products and services for individuals as well as small and medium-sized enterprises in both countries, significantly impacting the transformation to a digital economy in the region.

According to Al-Ghoul, NeoBank will be the first integrated digital bank to offer one comprehensive banking platform for its customers, through providing advanced banking services that include opening new accounts and performing banking operations with greater efficiency and ease. The bank will offer customers access to their accounts through their smartphones, providing them with all the necessary digital and financial tools to manage their finances and fully control their financial decisions.

Capital Bank has also continued its avid support of the SME sector, by receiving a loan of $75 million from Proparco, the investment arm of the French Development Agency (AFD), and the German Agency for Investment and Development (DEG), to finance the activities of small and medium-sized companies in Jordan. According to Capital Bank, the loan will go towards the financing and development of its SME portfolio, with a particular focus on projects run by women, start-ups, FinTech, youth-owned companies and SMEs located outside Amman.

Back to top button