(Amman – Jordan) Bank of Jordan Group has announced its consolidated financial results for the fiscal year ending on December 31, 2023. The Central Bank of Jordan has approved these results. The group recorded a growth of 9.7% in net profits after taxes and provisions attributable to the bank's shareholders, compared to the previous year, 2022, reaching 44 million JOD. The group also saw a growth of 16% in net operational revenues from interests and commissions, recording 159.2 million JOD. The total income increased to 167.5 million JOD, marking a growth of 13.3% compared to 2022. This growth was primarily driven by the bank's operational activity, which constituted 95% of the total income.

Furthermore, the bank maintained a strong capital base and robust financial position, with shareholders' equity reaching approximately 524 million JOD and a capital adequacy ratio of 21.4%. The return on shareholders' equity was 8.4%, and the return on assets was 1.5%, considered among the best in the banking sector.

 Based on the bank's financial performance, Bank of Jordan’s Board of Directors has recommended issuing a cash dividend payout to shareholders at a rate of 18% for 2023.

In light of these financial outcomes, Mr. Shaker Fakhouri highlighted that the bank continued to pursue its strategic objectives for growth and innovation throughout 2023, aiming to generate enduring value and results for its shareholders and clients. The bank's strategy has been to focus on several strategic initiatives that would enhance its competitive edge and elevate its local and regional performance.

Mr. Fakhouri also noted that the bank has diversified its investments and carefully expanded into portfolios with strong creditworthiness. This diversification resulted in a 10.3% increase in the securities portfolio, reaching 403.4 million JOD. Despite a slight 5.2% decrease, the net credit facilities portfolio amounted to approximately 1.4 billion JOD. Customer deposits increased by 7.6%, reaching around 2.2 billion JOD. In addition, the bank continued to maintain a high level of liquidity, with the legal liquidity ratio climbing to 156% and the liquidity coverage ratio reaching 347.4% at the end of 2023.

Digital transformation is a fundamental pillar of the bank's strategy, and the bank is integrating digital transformation across all its activities and business areas to provide exceptional customer service around the clock. This service aims to meet the needs and requirements of different customer segments through secure and reliable channels. In this context, Mr. Fakhouri explained that the bank has been able to enhance its digital services and improve customer experience. The bank's digital transformation journey started long ago with investments in technical tools and systems, alongside investments in the human element responsible for managing these systems and the digital transformation process.

To achieve the strategic goal of creating a bank based on analytical data processing, a specialized department for managing and analyzing the bank's enterprise data and information has been established; this will enhance the bank's employees' ability to understand and analyze data to support strategic and operational decision-making and employ it to support all business activities and customer engagement.

To reinforce its regional presence and as part of its strategy to expand its operations in countries with growing and promising markets, Mr. Fakhouri mentioned that the bank has established a foothold in the Republic of Iraq through its Baghdad branch and is also seeking to enhance its presence in the Iraqi provinces as part of its expansion plan in Iraq. The bank views Iraq as an attractive investment environment and aims to extend its range of services to corporate clients, businessmen, and investors in both Jordan and Iraq. It seeks to strengthen the two countries' strategic partnerships, collaborative investment, and strategic efforts.

In conclusion, Mr. Fakhouri affirmed the bank's commitment to creating added value for its shareholders and providing high-quality services and exceptional customer experiences, which aligns with the execution of its digital transformation plans. The bank also emphasizes enhancing human capital by attracting skilled and energetic professionals. It is working diligently to build a strong future for the Bank of Jordan, moving confidently towards success and excellence.