Capital Bank’s total assets increase by 45% to reach JD4bln

Amman, Jordan: Chairman of the Board of Capital Bank, Bassem Khalil Al-Salem, announced that the bank’s net profit after taxes and provisions increased by 80% by the end of the third quarter of 2021, reaching JD 38.2 million, excluding all non-recurring operations which include the result of the acquisition of Bank Audi’s activities in Jordan and Iraq, which brings the group’s net profit to JD 52.7 million , with a rate of increase of 162.7%.

Capital Bank’s total assets also saw a remarkable increase of 45% in the first nine months of the year to around JD4 billion from JD2.7 billion at the end of 2020, reflecting customer and depositor confidence. form the bank.

In a statement to the press, Al-Salem confirmed that Capital Bank continued to record strong operating performance, with net operating income in the first nine months totaling approximately JD53.8 million, an increase of 29%. Al-Salem explained that these positive results reveal the strength of the bank’s strategy and achievements, bringing us one step closer to becoming one of the country’s leading financial institutions.

Capital Bank also recorded a 41.7% increase in net facilities offered to customers in the first nine months of this year, reaching approximately JD 2 billion, compared to JD 1.4 billion at the end of the previous year, while that customer deposits increased by 48.3% to reach JD 2.5 billion at the end of September. Net interest income totaled JD72.9 million, compared to JD50.6 million at the end of September 2020, registering an increase of 44%. Also in the first nine months of the year, return on equity was 13.8% of net earnings excluding non-recurring earnings.

Al-Salem went on to talk about the continued achievements of the Capital Bank Group, including the National Bank of Iraq and Capital Investments, further strengthening the group’s leading position in local and regional banking.

Al-Salem said that the National Bank of Iraq, after receiving the approval of the Saudi Council of Ministers to open a branch in the Kingdom of Saudi Arabia and the appointment of Yazeed AbuNayyan as managing director, will endeavor to support and strengthen commercial relations between Saudi Arabia, Iraq and Jordan by establishing new banking relationships with major Saudi, Iraqi and Jordanian groups and companies, which is part of the regional expansion strategy of the group.

Al Salem added that NBI’s branch in Saudi Arabia will add great value to Saudi and Iraqi businesses, by facilitating the sending and receiving of internal and external transfers, extending credit facilities and providing financing services. commerce, throughout the vast network of correspondent banks. deals under Capital Bank Group, which serves as BNI’s gateway to regional economies.

Al-Salem added that Capital Investments continued to achieve positive results, with the value of its assets under management standing at $438 million at the end of the third quarter of 2021.

Speaking of the latest financial results, Capital Bank’s Managing Director, Dawod Al Ghoul, said, “The bank’s strong financial performance and positive results reflect our continued focus on improving our customers’ experience. We continue to invest in developing and improving our banking solutions, products and services while simultaneously developing innovative digital solutions that increase the level of satisfaction of our growing customer base.

Al-Ghoul added that the bank is completing preparations to launch the integrated digital bank NeoBank in early 2022, which will provide its services in the Jordanian and Iraqi markets through an advanced digital platform that uses state-of-the-art technologies. This will provide a solid foundation to provide a wider generation of advanced digital products and services to individuals as well as small and medium enterprises in both countries, which will have a significant impact on the transformation towards a digital economy in the region.

According to Al-Ghoul, NeoBank will be the first integrated digital bank to offer a complete banking platform to its customers, providing advanced banking services that include opening new accounts and performing banking transactions more efficiently. and ease. The bank will offer customers access to their accounts via their smartphones, providing them with all the digital and financial tools needed to manage their finances and fully control their financial decisions.

Capital Bank also continued its strong support for the SME sector, securing a $75 million loan from Proparco, the investment arm of the French Development Agency (AFD), and the German Agency for Investment and Development (DEG), to finance the activities of small and medium enterprises in Jordan. According to Capital Bank, the loan will go towards financing and developing its SME portfolio, with a particular focus on women-led projects, start-ups, FinTechs, youth-owned businesses and SMEs located outside. from Amman.

-Ends-

About Capital Bank Group

The Capital Bank Group is considered one of the leading financial institutions operating in the Jordanian and regional markets, with assets of JOD 4 billion, while the total capital of its shareholders is around JOD 400 million.

The Capital Bank group includes; Capital Bank, which since its inception in 1995 has become one of Jordan’s leading financial institutions, offering the Jordanian market a comprehensive set of commercial and investment banking services and solutions tailored to the needs of individuals and businesses.

In 2005, Capital Bank (Jordan) purchased majority shares of the National Bank of Iraq (61.85%), which enabled the NBI to develop its products and services, strengthen its presence and improve the financial inclusion at the national level, to support export activities and to provide all services to Jordanian companies operating in Iraq. As for Capital Investments, it is a 100% subsidiary of Capital Bank established in 2006 and which offers specialized investment banking services to its clients through its offices in Jordan and the United Arab Emirates / Dubai International Financial Center (DIFC).

Before the end of 2020, in a bid to realize its expansion plans, Capital Bank Group took full acquisition of Lebanese bank Audi’s operations in Jordan and Iraq.

© Press release 2021