Capital Bank’s half-year profit up 40%

Capital Bank Chairman Bassem Khalil Al-Salem. (Photo: Twitter)
AMMAN — Capital Bank Group said its half-year net profit jumped by 40 percent to JD60.2 million, compared with JD43 million recorded in the corresponding period in 2021, a bank statement said.اضافة اعلان

Assets also surged by 50 percent, or JD2.2 billion, buoyed by the acquisition of the Jordan branches of Société Générale Bank, reaching JD6.5 billion, compared with JD4.3 billion at the end of 2021.

Net credit facilities rose to JD3.2 billion by the end of June 2022, compared with JD2.1 billion at the end of 2021, a growth of 49 percent.

By the end of June this year, client deposits also showed an increase of 57.6 percent, or JD4.4 billion, compared with JD2.8 billion at the end of 2021.

Initial statements also showed an increase in shareholder net assets by 62.4 percent, reaching JD589 million, compared with JD363 million for the same period in 2021.

Bank Chairman Bassem Khalil Al-Salem said that in the last few months, the bank initiated several measures to boost its expansion both locally and regionally.

The group recently finalized a deal with the Saudi Public Investments Fund, one of the largest and most influential sovereignty funds in the world, which saw the fund subscribe to 23.97 percent of Capital Bank’s shares, valued at JD131.2 million, the statement said.

It said the move will have a “positive effect on the group’s performance and will allow it to enter new markets and expand its future business”.

“It will also provide the group with a network of corresponding banks on a regional and global level, as well as allow it to continue providing the newest and most innovative banking services and products in Jordan and Iraq,” the statement added.

Salem said that Capital Bank’s acquisition of Société Générale Bank in Jordan was the second such action taken in less than 12 months, following the acquisition of Bank Audi in Jordan and Iraq in 2021.

Capital Bank CEO Dawod Al-Ghoul said net operating profits increased by 45 percent, compared with the same period of 2021, positively affecting return on equity, which rose to 20.6 percent, after excluding non-recurring items.

He said that the bank also improved revenues and proficiently restructured its capital, especially with the issuance of $100 million of perpetual bonds at the beginning of this year in a listing at NASDAQ Dubai, making Capital Bank the first Jordanian bank to make such a listing at the region’s international stock market.

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