Capital Bank Gets JD 80 Million at the End of Q3

Al-Anbat- MAYS ALSHAWABKEH

 

 Up 52% Al Salem: By the end of September, the group's assets had increased to about 6.7 billion dinars, and its equity had increased to 638 million dinars.

29 October 2022 in Amman

As it continues to succeed, Capital Bank reported a net profit of JD 80 million for the end of September this year, up 52% from JD 52.7 million for the same period last year. 

The completion of the acquisition of  Societé Generale Bank-Jordan, totaling 1.6 billion dinars, helped Capital Bank's assets grow significantly during the same period, by 54%, to reach 2.3 billion dinars, increasing their total to approximately 6.7 billion dinars, up from 4.3 billion dinars at the end of 2021. By the end of September this year, the net credit facility portfolio had grown to 3.3 billion dinars from 2.1 billion dinars at the end of 2021, a 56% increase.

Customers' deposits increased by 67% to 4.6 billion dinars at the end of September this year from 2.8 billion dinars at the end of 2021.

According to preliminary figures, net equity increased by 63% to 638 million dinars from 392 million dinars at the end of the previous year. 

On behalf of Khalil Al Salem, the Chairman of Capital Bank expressed his pride in the financial results and achievements of Capital Bank at the end of September this year, valuing the efforts made that have clearly contributed to these results. 

Al Salem noted that Capital Bank has over the past period implemented a package of steps and actions that have strengthened its position in the Jordanian and regional markets. In line with the Expansion Group's strategy, one of the most important is the strengthening of the Group's capital base this year through the issuance of $100 million Tier I bonds and their inclusion in Nasdaq Dubai. In addition to raising the Group's capital by entering the Saudi Public Investment Fund, which is one of the largest sovereign funds in the world as a strategic investor in the Group at 23.97%, equivalent to 131.2 million dinars, and named it for two new members to represent it on the Group's Board of Directors. 

Al Salem pointed out that Capital Bank Group began providing banking and financial services in the Saudi market, which is today among the strongest economies in the world, through the opening of the first branch of the Iraqi National Bank in Riyadh, stating that this move will contribute to increasing the volume of trade between Iraq, Saudi Arabia and Jordan, which will drive increased commercial activity between these countries.

Al Salem also noted the completion of the Group's merger of the banking business of Société General-Jordan and the transition of the business of Societé Generale-Jordan Financial Leasing of Capital Bank under the name Capital Financial Leasing, as well as the inclusion of Capital Investment Arm of Capital Bank. 

For his part, the CEO of Capital Bank Group, Dawood Al Ghoul, confirmed the financial results achieved at the end of the third quarter of this year were a translation of the Group's ambitious strategy, net operating profit grew by 37% compared to the same period in 2021, approximately 20 million dinars, this reflected positively on the return on equity to 19.4% the bank has been able to improve its revenues and structure its capital efficiently. 

The financial results of the Iraqi National Bank showed growth in net profits after taxes, reaching JD 11.1 million at the end of September this year, compared to JD 8.6 million for the same period last year, and by 29%.

As for Capital Investments, its net profit at the end of the third quarter of this year was JD 4 million, with a growth rate of 46.5%, supported by an increase in the volume of managed assets reaching USD 543 million. 

It is worth mentioning that Capital Bank continues to implement its digital transformation plans by introducing the latest electronic and digital applications among the best banking practices in place globally, serving the individual and corporate sectors. At the beginning of this year, Capital Bank launched the Digital Bank Blink in a pioneering move at the local banking sector level aimed at accelerating global technological developments. The Bank has also relaunched its retail banking application with new features , as well as its launch of the new corporate "E-business Platform Capital Bank", as it seeks to enhance its customers' experiences by keeping abreast of technological development, automating banking operations and providing innovative digital services to them.