Capital Bank’s profit reached JD 80 million in the third quarter of 2022, an increase of 52%


Amman, Jordan: Capital Bank Group announced a net profit of JD 80 million at the end of September 2022, compared to JD 52.7 million at the same period last year, an increase of 52%, reflecting the confidence of customers, partners and bank depositors.

Capital Bank Group’s assets have experienced a remarkable growth of 54% over the same period, equivalent to JD 2.3 billion, of which JD 1.6 billion is the result of the acquisition of Société Générale Bank – Jordan ( SGBJ), thus reaching approximately JD 6.7 billion, compared to JD 4.3 billion at the end of 2021. Net credit facilities increased to JD 3.3 billion at the end of September, compared to JD 2.1 billion at the end of 2021, i.e. an increase of 56%. Customer deposits also recorded an increase at the end of September, by 67% to reach JD 4.6 billion, compared to JD 2.8 billion at the end of 2021. Preliminary results showed a 63% increase in net equity to reach 638 JD. million, compared to JD 392 million at the end of 2021.

Capital Bank Group Chairman Bassem Khalil Al-Salem said he was pleased with the group’s excellent results in the third quarter, adding that the group has recently implemented a number of actions and measures that have strengthened its position. local and regional, in line with its expansion strategy. This includes solidifying the Group’s capital through the issuance of perpetual Tier 1 bonds worth $100 million earlier this year, which were listed on NASDAQ Dubai. In addition, the group increased its capital by issuing 63 million shares for the benefit of the Saudi Public Investments Fund (PIF), one of the largest funds in the world, with a share of 23.97%, i.e. the equivalent of 131.2 million JD, and appoint two members to the Board of Directors.

Al-Salem went on to say that the group is now actively offering banking and financial services in the Saudi market, which is one of the strongest economies in the world, with the opening of the first branch of the National Bank of Saudi Arabia. Iraq to Riyadh, a decision that will support and strengthen trade finance volumes between Saudi Arabia, Iraq and Jordan.

According to Al-Salem, the group has also completed the migration of banking operations from SGBJ and transferred its leasing operations to Capital Bank under the new name – Capital Leasing, while merging Société Générale-Jordan Financial Brokerage Company with Capital Investments. , the investment arm of the Capital Bank Group.

Capital Bank Group CEO Dawod Al Ghoul said the financial results achieved at the end of the third quarter of 2022 clearly reflect the group’s ambitious strategy, adding that the net operating income increased by 37%, or JD 20 million per year. compared to the same period of 2021, which had a positive effect on the return on equity, reaching 19.4% excluding non-recurring items.

The National Bank of Iraq’s financial results showed a growth in net profit after tax which reached JD 11.1 million at the end of September, compared to JD 8.6 million for the same period of 2021, an increase of 29 %.

Capital Investments recorded net profits of JD4 million at the end of the third quarter, a growth of 46.5%, supported by the increase in assets under management, which totaled $543 million.

Capital Bank continues to implement its digital transformation strategy for its corporate and individual customers through the most innovative solutions in line with international best practices in the banking sector. In early 2022, Capital Bank launched Blink, the first local digital bank to serve its customers with advanced banking services that include opening new accounts and completing banking transactions with greater efficiency and ease. Capital Bank has also revamped its banking application with new functionalities, in addition to the launch of the “Capital Bank Business Online” platform, exclusively designed for corporate clients, offering innovative solutions through an advanced digital platform that uses cutting-edge technologies.

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