Capital Bank posts JD40.2m profit in Q1

AMMAN — Capital Bank achieved record net profit for the first quarter of 2022, at a 34.8 per cent increase compared to its profits for the same period last year, the bank said in a statement, indicating that this is the highest quarterly profit since its establishment. 

According to its preliminary financial figures, the bank’s net profit in the first quarter of the year ending in March amounted to JD40.2 million, compared to JD29.8 million as per the financial results published for the same period last year. 

The bank’s net profit after excluding non-recurring items totaled JD19.5 million, compared to JD10.2 million for the same period of 2021.

Capital Bank Group also recorded a 38.6 per cent increase in assets during the same period, reinforced by its acquisition of Société Générale Bank — Jordan, reaching JD6 billion, compared to JD4.3 billion by the end of 2021. 

Moreover, its net credit facilities portfolio rose to JD2.9 billion by the end of March compared to JD2 billion at the end of last year.

Customer deposits recorded a 47.5 per cent increase by the end of the first quarter of 2022, reaching JD4.1 billion compared to JD2.8 billion at the end of 2021.

In the statement, Capital Bank Group Chairman Bassem Khalil Al Salem said "the first quarter’s positive results were evident in most financial indicators", adding that the significant growth rates were achieved in profits without considering non-recurring items, which is a clear indication of the country’s economic recovery. 

Al Salem asserted that the national economy has turned the page since the recession that affected it as a result of the coronavirus pandemic due to the efficient use of available financial and regulatory tools as well as the way that the country came together to overcome the challenges it faced with minimum losses. According to Al Salem, the last two years should serve as a reminder of how strong the Jordanian economy is, as well as its resilience in the face of difficult economic conditions. 

Al Salem praised the long list of structural economic and financial reforms that have been implemented over the past years, adding that "they have paved the way to the achievement of sustainable and comprehensive economic development".