Jordan Islamic Bank (JIB), a subsidiary of Bahrain-based Al Baraka Banking Group (ABG), has reported 28 per cent growth in its net profit for the first nine months which hit $51.34 million as against $39.92 million last year.

The bank's profit before tax has grown 30 per cent to $73.77 million from $56.70 million, a statement said.

Al Baraka Banking Group president and chief executive and JIB chairman Adnan Ahmad Yousif said the rise in net profits during the third quarter resulted from the continuation of growth in different financial indicators.

JIB vice-chairman, chief executive and general manager Musa Abdelaziz Shihadeh said the growth asserts the soundness of the bank's strategy in the management of different assets, investments and finances.

Assets (including restricted investment accounts and Muqarada bonds) were $4.94 billion as on September 30 compared with $4.65 billion at the end of last year with an increase of $282.09 million or 5.8 per cent.

Shihadeh indicated that facilities granted for customers and those from restricted investments accounts and Muqarada bonds added to $3.60 billion at end-September compared to $3.47 billion earlier.-TradeArabia News Service