JD 7.93 Million, the Semi-Annual Profits of the Jordanian Ahli 2021
Dawood: prudential credit policies of the bank helped to face the challenges of this difficult stage
The net profit of the Jordan Ahli Bank amounted to JD 7.93 million, an increase of 14.58% on an annual basis, in the period ending on June 30, 2021, compared to the profits of the same period of 2020, which amounted to JD 6.92 million.
The initial financial results of the bank showed that it achieved a growth in total income for the first half of 2020, by 7.83%, to reach JD 57.81 million, compared to JD 53.61 million in the first half of last year.
Commenting on the results, the CEO/General Manager of the Bank, Muhammad Musa Daoud, said that despite the difficulty of the year 2020 in various sectors and economic activities in light of the circumstances imposed by the Corona pandemic on all countries and peoples of the world, the Bank was able, in light of the great experience it possesses, to crystallize The situation and its restructuring through the redoubled efforts of the bank’s management and its various cadres in these difficult circumstances, which would advance the bank’s business as is evident in the results of the first half of this year and overcome the existing difficulties. The banks may be the important part in the nation’s economy and the continuity of their activities contribute to the sustainability of the wheel Economic.
The credit for facing the challenges of this difficult stage is also due to the bank’s prudent credit policies over the past years related to strengthening the building of provisions and improving credit quality by strengthening the bank’s financial position and strengthening its financial solvency
On the other hand, the volume of the bank’s operating income during 2020 enabled it to meet sufficient credit provisions to cover expected credit losses and other provisions as a result of the unusual circumstances imposed by the pandemic, as the value of the provision for expected credit losses and other provisions amounted to about JD 23 million as at the end of 2020 compared to JD 7.5 million for 2019. Despite the impact of the provision for expected credit losses on the bank’s profits during 2020, which amounted to about JD 17.6 million before tax
Jordan Ahli Bank also announced that it recorded a net profit in the first quarter of 2021, by about JD 1.64 million, compared to JD 4.87 million in profits for the first quarter of 2020.
In a statement, the bank stated that it did not achieve any additional non-operating profit from investing in allied companies in the first quarter of this year, compared to JD 2.63 million in the same period of 2020.