Bank of Jordan announced its financial results achieved at the end of 2019 that have been approved by the Central Bank of Jordan, where the net profit attributable to bank shareholders reached JOD 40.2 million. The bank was able to maintain high performance levels in the return on average assets index, which recorded 1.52%, and the return on average bank shareholders’ equity, which reached 9.72%, which is one of the best levels in the Jordanian banking sector.

Commenting on the results, Mr. Shaker Fakhoury, Chairman of Bank of Jordan, stated, “In light of the challenges and economic downturn at the local and regional levels, Bank of Jordan achieved in the year 2019 a strong financial position and was able to maintain advanced levels of performance in profitability indicators.

”During 2019, Bank of Jordan was able to maintain sustainable profit margins and achieve the principle of efficiency in asset management and expense control, as the bank's net operating profit recorded a growth of 3.5% to reach JOD 140.1 million and constituted approximately 94% of the total income. The cost to income ratio was 46% in 2019 compared to 49% at the end of 2018. This was achieved due to the approach that the bank continues to diversify its revenue sources, income and risk distribution, by expanding its reach at the regional level and achieving the maximum benefit from investment opportunities. As for the most prominent indicators of the financial position of the bank, the total assets reached JOD 2.7 billion at the end of 2019, a growth of 3.4% compared to the end of 2018, and bank shareholders equity recorded JOD 414.3 million. The credit facilities portfolio (net) reached JOD 1.4 billion, distributed among various sectors, individuals, companies, commercial and public sector institutions. In terms of customer deposits portfolio, it recorded JOD 1.9 billion.

The bank also has comfortable liquidity levels that exceed the required ratios from the supervisory authorities in the countries in which it operates, as the legal liquidity ratio of the group reached 138.6% as at the end of 2019. As for the capital adequacy ratio, it reached 17.07%, which is higher than the rate for 2019 of 14.125 % According to the requirements of Basel III and regulatory authorities, which confirms the strength of its capital base. The percentage of coverage ratio of provisions for non-performing loans reached nearly 100%, which confirms the quality of the bank's credit portfolio.Mr. Fakhoury stressed that the bank seeks to improve the services and products provided to the customers in all their segments, and to keep up to date of developments in financial technology and so that we are one of the leading banks in this field. The current year will witness the launch of new technologies for customers in the field of electronic payment applications and the development of other digital services. The bank will also expand its regional presence and growth in new markets in accordance with its expansion strategy, in a way that contributes to diversifying revenues and enhancing its competitive and financial position.

Based on the results achieved, the Board of Directors recommended to the General Assembly to distribute cash dividends to shareholders at 18% of the bank’s capital and at an amount of JOD 36 million.

At the end of his speech, Mr. Fakhoury thanked the shareholders, the members of the board of directors, the bank's customers for their confidence and support, and the bank’s management team and employees for their efforts and role in achieving the bank’s position. He thanked and praised all national institutions, especially the Central Bank of Jordan, for their role in supporting economic sectors in the presence of His Majesty the King Abdullah II Ibn Al-Hussein, may God protect and preserve him.