October 3 2022 8:53 PM E-paper Subscribe Sign in My Account Sign out

Capital Bank’s share dominates ASE trading

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Amman Stock Exchange
AMMAN — The Amman Stock Exchange index on Sunday dropped by 0.23 percent, closing at 1,780 points, amid a session dominated by individual traders instead of investment companies or funds. اضافة اعلان

The total trading volume on Sunday equaled around JD5.6 million traded through 5.2 million stocks. Around 28 companies reported a rise in the prices of their shares and 31 a drop.   

Capital Bank’s shares were a bright spot, hitting the mandatory upper limit of JD1.47 per share. The increase came amidst news of positive financial results in the first quarter of this year. The bank’s net profits amounted to JD10.2 million, compared with JD6.1 million during the same period of last year — a growth rate of 67 percent.      

In total, 571,900 of the bank’s shares were traded, valuing JD840.6 thousand, topping the list as the most traded stock.   

Under a normal situation, Capital Bank’s net profit should have reached JD29.8 million by the end of the first quarter. The difference is due to its acquisition of Audi Bank’s Jordan and Iraq branches. The JD19.6 million was a part of the total deal. The company’s net operational profit also increased by 44 percent as a result of the increase in credit facilities, in addition to the growing operations of its subsidiary, Capital Investments, which made JD1 million in profits in the same period.

Capital Bank also achieved an increase of 23 percent in assets, reaching JD3.4 billion, including those acquired from the beginning of the first quarter of this year, compared with JD2.7 billion at the end of 2020. Meanwhile, deposits increased to JD2.1 billion by the end of March, compared with JD1.7 billion in the last quarter of the previous year.

This strong performance from Capital Bank was also boosted by a prudent strategy in the face of COVID-19, enabling the bank to maintain its quality of assets, while the balance of appropriations rose by 73 percent during the first quarter, compared to last year.

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