Bank of Jordan 2014 net profits rise almost 16 percent

Home Business Bank of Jordan 2014 net profits rise almost 16 percent 15-03-2015 10:32 PM Ammon News - AMMONNEWS -Bank of Jordan boosted net profits by 15.7 percent to 47 million dinars ($66.4 million) in 2014 helped by diversification of it's retail and corporate business, a bank statement said on Sunday. Total bank assets rose 5.5 percent to 2.19 billion dinars in 2014 from the previous year while loans rose 5.8 percent last year and stood at 1.1 billion dinars at the end of December. "The results reflect the continued improved performance and the diversification of sources of income," Shaker Fakhouri, chairman of the board of directors, said in a statement. The bank, which has a network of branches in Palestinian territories and a subsidiary in Syria, was also considering expanding it's regional foothold in 2015, Fakhouri said. Fakhouri said the bank's Syrian subsidiary, one of the major foreign banks still operating in the war-torn country, had performed positively and maintained high liquidity beyond regulatory rules, but did not elaborate. Bank of Jordan, which has extensive retail and corporate banking services in the domestic market, also saw non-performing loans as a percentage of total loans fall to 7.21 percent in 2014 against 8.72 percent at end of 2013. Fakhouri said the quality of the bank's credit portfolio had improved with the bank eyeing expanding it's lending to capitalise on prospects of revived economic activity in the medium term. *Reuters

Home Business

Bank of Jordan 2014 net profits rise almost 16 percent

15-03-2015 10:32 PM

Ammon News - AMMONNEWS -Bank of Jordan boosted net profits by 15.7 percent to 47 million dinars ($66.4 million) in 2014 helped by diversification of it's retail and corporate business, a bank statement said on Sunday.

Total bank assets rose 5.5 percent to 2.19 billion dinars in 2014 from the previous year while loans rose 5.8 percent last year and stood at 1.1 billion dinars at the end of December.

"The results reflect the continued improved performance and the diversification of sources of income," Shaker Fakhouri, chairman of the board of directors, said in a statement.

The bank, which has a network of branches in Palestinian territories and a subsidiary in Syria, was also considering expanding it's regional foothold in 2015, Fakhouri said.

Fakhouri said the bank's Syrian subsidiary, one of the major foreign banks still operating in the war-torn country, had performed positively and maintained high liquidity beyond regulatory rules, but did not elaborate.

Bank of Jordan, which has extensive retail and corporate banking services in the domestic market, also saw non-performing loans as a percentage of total loans fall to 7.21 percent in 2014 against 8.72 percent at end of 2013.

Fakhouri said the quality of the bank's credit portfolio had improved with the bank eyeing expanding it's lending to capitalise on prospects of revived economic activity in the medium term.

*Reuters

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